California Resources (NYSE:CRC) Shares Gap Up to $1.25

California Resources Corp (NYSE:CRC) gapped up prior to trading on Wednesday . The stock had previously closed at $1.21, but opened at $1.25. California Resources shares last traded at $1.44, with a volume of 3,802,993 shares traded.

CRC has been the topic of several recent research reports. ValuEngine raised California Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Raymond James downgraded California Resources from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 17th. Bank of America downgraded California Resources from a “neutral” rating to an “underperform” rating in a research note on Monday, March 9th. Finally, Zacks Investment Research downgraded California Resources from a “hold” rating to a “sell” rating in a research note on Friday, March 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. California Resources has an average rating of “Hold” and a consensus target price of $19.00.

The stock has a 50 day simple moving average of $4.06 and a 200-day simple moving average of $7.26. The firm has a market cap of $61.70 million, a P/E ratio of -2.36 and a beta of 4.60.

California Resources (NYSE:CRC) last released its quarterly earnings data on Wednesday, February 26th. The oil and gas producer reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.36. California Resources had a negative return on equity of 26.12% and a negative net margin of 1.06%. The business had revenue of $610.00 million for the quarter, compared to the consensus estimate of $676.15 million. As a group, analysts anticipate that California Resources Corp will post -10.2 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the company. Swiss National Bank boosted its holdings in shares of California Resources by 3.6% in the 4th quarter. Swiss National Bank now owns 89,089 shares of the oil and gas producer’s stock worth $804,000 after purchasing an additional 3,100 shares during the period. Metropolitan Life Insurance Co NY boosted its holdings in shares of California Resources by 22.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 17,289 shares of the oil and gas producer’s stock worth $176,000 after purchasing an additional 3,167 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 38.4% in the 4th quarter. Victory Capital Management Inc. now owns 11,434 shares of the oil and gas producer’s stock worth $103,000 after purchasing an additional 3,175 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of California Resources in the 4th quarter worth approximately $10,509,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of California Resources by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 299,946 shares of the oil and gas producer’s stock worth $2,709,000 after purchasing an additional 6,460 shares during the period. Hedge funds and other institutional investors own 67.14% of the company’s stock.

California Resources Company Profile (NYSE:CRC)

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.

Featured Article: Technical Analysis of Stocks, How Can It Help

Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.