California Resources Corp (NYSE:CRC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $8.52, but opened at $9.36. California Resources shares last traded at $9.06, with a volume of 50,790 shares traded.
CRC has been the subject of several recent research reports. Bank of America boosted their price target on shares of California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Zacks Investment Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Raymond James raised shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research note on Monday, May 13th. They noted that the move was a valuation call. Imperial Capital lowered their price target on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research note on Monday, August 5th. Finally, ValuEngine downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $28.57.
The stock has a market capitalization of $441.98 million, a P/E ratio of 7.02 and a beta of 4.38. The firm’s 50 day moving average price is $15.35 and its 200 day moving average price is $20.10.
California Resources (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported ($0.29) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.57). The firm had revenue of $653.00 million for the quarter, compared to the consensus estimate of $674.43 million. California Resources had a net margin of 10.99% and a negative return on equity of 23.66%. The business’s revenue was up 18.9% on a year-over-year basis. During the same period last year, the company posted ($0.29) earnings per share. Equities research analysts expect that California Resources Corp will post 0.71 earnings per share for the current year.
In other news, Director Laurie Siegel acquired 3,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was purchased at an average cost of $16.78 per share, with a total value of $50,340.00. Following the completion of the purchase, the director now owns 15,196 shares in the company, valued at approximately $254,988.88. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd A. Stevens acquired 5,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were purchased at an average cost of $10.20 per share, with a total value of $51,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 21,980 shares of company stock valued at $237,895. Insiders own 3.50% of the company’s stock.
Large investors have recently modified their holdings of the company. FMR LLC raised its stake in shares of California Resources by 8.0% during the fourth quarter. FMR LLC now owns 679,804 shares of the oil and gas producer’s stock valued at $11,584,000 after acquiring an additional 50,276 shares during the last quarter. IPG Investment Advisors LLC bought a new position in California Resources in the first quarter worth about $694,000. Truvestments Capital LLC bought a new position in California Resources in the first quarter worth about $27,000. Virtu Financial LLC bought a new position in California Resources in the first quarter worth about $206,000. Finally, Bank of New York Mellon Corp raised its stake in California Resources by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 228,485 shares of the oil and gas producer’s stock worth $3,894,000 after buying an additional 5,259 shares in the last quarter. 62.31% of the stock is owned by hedge funds and other institutional investors.
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.
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