Shares of California Resources Corp (NYSE:CRC) gapped down prior to trading on Thursday . The stock had previously closed at $26.19, but opened at $23.59. California Resources shares last traded at $21.07, with a volume of 3423069 shares trading hands.
CRC has been the topic of a number of analyst reports. ValuEngine upgraded California Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 19th. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating and set a $52.00 price target on the stock in a research report on Wednesday, October 3rd. TheStreet upgraded California Resources from a “d” rating to a “c-” rating in a research report on Thursday, November 15th. Evercore ISI initiated coverage on California Resources in a research report on Friday, September 21st. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $39.75.
The firm has a market capitalization of $1.15 billion, a P/E ratio of -5.05 and a beta of 5.41.
California Resources (NYSE:CRC) last announced its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.89. The company had revenue of $828.00 million for the quarter, compared to analysts’ expectations of $689.83 million. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The business’s revenue for the quarter was up 86.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.22) earnings per share. Research analysts expect that California Resources Corp will post 1.03 earnings per share for the current year.
In other California Resources news, Director Harold M. Korell bought 1,848 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were bought at an average price of $29.17 per share, for a total transaction of $53,906.16. Following the completion of the acquisition, the director now owns 39,719 shares of the company’s stock, valued at $1,158,603.23. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harold M. Korell bought 4,736 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The shares were acquired at an average price of $21.11 per share, for a total transaction of $99,976.96. Following the acquisition, the director now directly owns 44,455 shares of the company’s stock, valued at approximately $938,445.05. The disclosure for this purchase can be found here. 1.31% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. BlueMountain Capital Management LLC acquired a new position in shares of California Resources during the second quarter valued at $185,000. SG Americas Securities LLC acquired a new position in shares of California Resources during the second quarter valued at $216,000. WINTON GROUP Ltd acquired a new position in shares of California Resources during the second quarter valued at $216,000. Great West Life Assurance Co. Can lifted its stake in shares of California Resources by 76.1% during the second quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock valued at $217,000 after acquiring an additional 2,061 shares during the period. Finally, Public Employees Retirement Association of Colorado acquired a new position in shares of California Resources during the third quarter valued at $253,000. 71.40% of the stock is currently owned by institutional investors and hedge funds.
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About California Resources (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.
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