Market Runner: What’s California Resources Corp Downside After Today’s Huge Decline?

Market Runner: What's California Resources Corp Downside After Today's Huge Decline?

The stock of California Resources Corp (NYSE:CRC) is a huge mover today! About 1.88 million shares traded hands. California Resources Corp (NYSE:CRC) has declined 25.71% since March 9, 2016 and is downtrending. It has underperformed by 33.13% the S&P500.
The move comes after 8 months negative chart setup for the $467.55 million company. It was reported on Oct, 12 by We have $9.55 PT which if reached, will make NYSE:CRC worth $65.46 million less.

Analysts await California Resources Corp (NYSE:CRC) to report earnings on November, 3. They expect $-0.53 earnings per share, up 75.91% or $1.67 from last year’s $-2.2 per share. After $-1.80 actual earnings per share reported by California Resources Corp for the previous quarter, Wall Street now forecasts -70.56% EPS growth.

California Resources Corp (NYSE:CRC) Ratings Coverage

Out of 5 analysts covering California Resources Corporation (NYSE:CRC), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. California Resources Corporation has been the topic of 10 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Susquehanna maintained California Resources Corp (NYSE:CRC) rating on Tuesday, January 26. Susquehanna has “Neutral” rating and $1.50 price target. The firm has “Hold” rating by Societe Generale given on Wednesday, March 2. As per Friday, September 25, the company rating was initiated by Johnson Rice. The stock of California Resources Corp (NYSE:CRC) earned “Neutral” rating by Susquehanna on Friday, October 30. The rating was downgraded by Bank of America on Tuesday, February 23 to “Neutral”. Ladenburg Thalmann initiated the shares of CRC in a report on Monday, November 23 with “Buy” rating.

According to Zacks Investment Research, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California.”

Insitutional Activity: The institutional sentiment decreased to 0.01 in 2016 Q2. Its down 2.32, from 2.33 in 2016Q1. The ratio fall, as 417 funds sold all California Resources Corp shares owned while 16 reduced positions. 3 funds bought stakes while 1 increased positions. They now own 1.52 million shares or 99.34% less from 230.03 million shares in 2016Q1.
Miura Glob Mngmt Ltd Liability holds 1.51% or 1.15 million shares in its portfolio. Burt Wealth Advisors last reported 27 shares in the company. Dreman Value Mgmt L L C has 185 shares for 0% of their US portfolio. Skba Capital Management Limited Co holds 0% of its portfolio in California Resources Corp (NYSE:CRC) for 39,624 shares. Tradewinds Mngmt Limited Com last reported 0% of its portfolio in the stock. Messner And Smith Theme Value Invest Management Ltd Ca accumulated 2 shares or 0% of the stock. Jnba Fin Advsrs accumulated 31 shares or 0% of the stock. Great West Life Assurance Co Can accumulated 0% or 95,452 shares. Fort Washington Invest Inc Oh last reported 0% of its portfolio in the stock. Central Secs has 0% invested in the company for 1,170 shares. Adams Asset Advisors Lc has 0.33% invested in the company for 159,685 shares. Lenox Wealth Mgmt owns 2 shares or 0% of their US portfolio. Vantage Inv Advsrs Ltd Liability last reported 25 shares in the company. Amer And Mngmt Communication has 41 shares for 0% of their US portfolio. Firefly Value Prtnrs L P owns 40,000 shares or 0.08% of their US portfolio.

CRC Company Profile

California Resources Corporation, incorporated on April 23, 2014, is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Firm produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of approximately 640 million barrels of oil equivalent (MMBoe). The Firm operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (targeting steamflood activities) and approximately one in the Los Angeles basin (targeting waterflood activities). It has drilled approximately 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin.

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