California Resources (NYSE:CRC) Receives New Coverage from Analysts at MKM Partners

MKM Partners assumed coverage on shares of California Resources (NYSE:CRC) in a report released on Tuesday morning, The Fly reports. The firm issued a buy rating and a $54.00 price objective on the oil and gas producer’s stock.

Several other research firms have also commented on CRC. KeyCorp upped their price objective on California Resources from $45.00 to $47.00 and gave the stock an overweight rating in a research report on Thursday, September 16th. Royal Bank of Canada upped their target price on California Resources from $44.00 to $60.00 and gave the stock an outperform rating in a research note on Wednesday, September 8th.

California Resources stock opened at $41.60 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.59 and a current ratio of 0.65. California Resources has a 12 month low of $10.99 and a 12 month high of $44.58. The stock’s 50 day simple moving average is $32.06 and its two-hundred day simple moving average is $28.81.

California Resources (NYSE:CRC) last released its quarterly earnings data on Thursday, August 5th. The oil and gas producer reported $0.94 EPS for the quarter. California Resources had a return on equity of 1,765.75% and a net margin of 263.47%. The business had revenue of $304.00 million for the quarter. As a group, equities research analysts expect that California Resources will post 4.61 earnings per share for the current year.

In other news, major shareholder Goldentree Asset Management Lp sold 9,438 shares of the company’s stock in a transaction that occurred on Thursday, July 15th. The stock was sold at an average price of $28.11, for a total transaction of $265,302.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 3,224,085 shares of company stock valued at $115,462,901.

A number of hedge funds and other institutional investors have recently bought and sold shares of CRC. Vanguard Group Inc. acquired a new position in California Resources in the 2nd quarter valued at $170,140,000. BlackRock Inc. raised its stake in California Resources by 165.8% in the 2nd quarter. BlackRock Inc. now owns 8,149,482 shares of the oil and gas producer’s stock valued at $245,625,000 after purchasing an additional 5,083,669 shares during the last quarter. Millennium Management LLC raised its stake in California Resources by 2,499.3% in the 1st quarter. Millennium Management LLC now owns 1,833,077 shares of the oil and gas producer’s stock valued at $44,104,000 after purchasing an additional 1,762,554 shares during the last quarter. State Street Corp acquired a new position in California Resources in the 2nd quarter valued at $36,001,000. Finally, Encompass Capital Advisors LLC raised its stake in California Resources by 260.3% in the 1st quarter. Encompass Capital Advisors LLC now owns 1,616,604 shares of the oil and gas producer’s stock valued at $38,895,000 after purchasing an additional 1,167,899 shares during the last quarter.

California Resources Company Profile

California Resources Corporation operates as an independent 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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