Shares of California Resources Corporation (NYSE:CRC) traded up 17.4% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $14.50 and last traded at $14.13. 3,710,272 shares were traded during trading, an increase of 163% from the average session volume of 1,410,000 shares. The stock had previously closed at $12.04.
The oil and gas producer reported ($1.22) EPS for the quarter, beating the consensus estimate of ($1.61) by $0.39. The company had revenue of $455.00 million for the quarter, compared to analyst estimates of $476.87 million. During the same quarter last year, the business earned ($1.75) EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis.
Several equities research analysts have recently weighed in on CRC shares. Zacks Investment Research raised California Resources Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Societe Generale raised California Resources Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday. ValuEngine cut California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, October 6th. Morgan Stanley raised California Resources Corporation from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research report on Tuesday. Finally, Imperial Capital started coverage on California Resources Corporation in a research report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price objective for the company. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. California Resources Corporation has a consensus rating of “Hold” and an average target price of $11.50.
Several institutional investors and hedge funds have recently bought and sold shares of CRC. Schwab Charles Investment Management Inc. boosted its position in shares of California Resources Corporation by 193.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after acquiring an additional 727,264 shares during the period. State Street Corp boosted its position in shares of California Resources Corporation by 23.1% in the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after acquiring an additional 672,825 shares during the period. Capital Fund Management S.A. bought a new stake in shares of California Resources Corporation in the second quarter valued at approximately $3,642,000. Crescent Park Management L.P. lifted its position in California Resources Corporation by 37.3% in the second quarter. Crescent Park Management L.P. now owns 1,013,766 shares of the oil and gas producer’s stock worth $8,668,000 after purchasing an additional 275,318 shares during the period. Finally, Adams Asset Advisors LLC bought a new position in California Resources Corporation in the third quarter worth $2,060,000. 74.15% of the stock is owned by institutional investors.
The company has a debt-to-equity ratio of -10.32, a current ratio of 0.64 and a quick ratio of 0.54.
California Resources Corporation Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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