Evercore ISI Begins Coverage on California Resources (CRC)

Evercore ISI initiated coverage on shares of California Resources (NYSE:CRC) in a research note released on Friday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $55.00 price objective on the oil and gas producer’s stock.

Several other analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of California Resources from a hold rating to a buy rating and set a $44.00 price target for the company in a research note on Friday, July 20th. ValuEngine cut shares of California Resources from a strong-buy rating to a buy rating in a research note on Tuesday, September 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $34.64.

California Resources stock opened at $46.58 on Friday. California Resources has a 1-year low of $8.84 and a 1-year high of $48.85. The company has a debt-to-equity ratio of -7.87, a current ratio of 0.63 and a quick ratio of 0.56. The company has a market capitalization of $1.91 billion, a PE ratio of -10.59 and a beta of 5.58.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.34). The firm had revenue of $549.00 million for the quarter, compared to analyst estimates of $649.01 million. During the same period last year, the business posted ($1.83) earnings per share. California Resources’s revenue for the quarter was up 6.4% on a year-over-year basis. equities analysts forecast that California Resources will post -0.35 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Baird Financial Group Inc. lifted its holdings in shares of California Resources by 20.1% in the 2nd quarter. Baird Financial Group Inc. now owns 40,256 shares of the oil and gas producer’s stock worth $1,829,000 after acquiring an additional 6,749 shares during the last quarter. GeoSphere Capital Management LLC acquired a new position in shares of California Resources in the 2nd quarter worth approximately $254,000. Teacher Retirement System of Texas acquired a new position in shares of California Resources in the 2nd quarter worth approximately $375,000. Rhumbline Advisers lifted its holdings in shares of California Resources by 5.9% in the 2nd quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after acquiring an additional 3,401 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of California Resources in the 2nd quarter worth approximately $2,869,000. 72.26% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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Analyst Recommendations for California Resources (NYSE:CRC)

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