California Resources (NYSE:CRC) Cut to Sell at StockNews.com

California Resources (NYSE:CRC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Friday.

Several other analysts have also commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Jefferies Financial Group started coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Stephens started coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.50.

California Resources Stock Performance

California Resources stock opened at $56.93 on Friday. The company has a current ratio of 0.97, a quick ratio of 2.33 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $52.04 and a 200-day moving average of $50.74. The firm has a market cap of $3.86 billion, a P/E ratio of 8.97, a P/E/G ratio of 1.40 and a beta of 0.98. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. California Resources’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. Sell-side analysts expect that California Resources will post 3.45 EPS for the current year.

Insider Buying and Selling at California Resources

In other California Resources news, Director Christian S. Kendall bought 20,895 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 26,270 shares of company stock valued at $1,387,778. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Jupiter Asset Management Ltd. bought a new stake in shares of California Resources during the first quarter valued at approximately $4,847,000. Sei Investments Co. increased its position in shares of California Resources by 44.7% during the first quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock valued at $3,950,000 after acquiring an additional 22,150 shares in the last quarter. SG Americas Securities LLC increased its position in shares of California Resources by 497.6% during the first quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock valued at $1,705,000 after acquiring an additional 25,767 shares in the last quarter. Interval Partners LP purchased a new stake in California Resources in the second quarter worth approximately $2,213,000. Finally, Vest Financial LLC boosted its holdings in California Resources by 38.4% in the second quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock worth $25,050,000 after purchasing an additional 130,526 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.