California Resources (NYSE:CRC) Shares Gap Down to $9.36

Shares of California Resources Corp (NYSE:CRC) 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.

Several equities research analysts recently issued reports on CRC shares. Bank of America raised their target price on shares of California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 31st. Raymond James upgraded shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Monday, May 13th. They noted that the move was a valuation call. Imperial Capital dropped their target price on shares of California Resources from $28.00 to $20.00 and set a “positive” rating on the stock in a report on Monday, August 5th. Finally, ValuEngine cut shares of California Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $28.57.

The company’s fifty day moving average is $15.35 and its 200-day moving average is $20.10. The company has a market cap of $441.98 million, a PE ratio of 7.02 and a beta of 4.38.



California Resources (NYSE:CRC) last issued its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.57). California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The company had revenue of $653.00 million during the quarter, compared to analysts’ expectations of $674.43 million. During the same quarter in the prior year, the business posted ($0.29) EPS. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts expect that California Resources Corp will post 0.71 earnings per share for the current fiscal year.

In other California Resources news, Director Avedick Baruyr Poladian purchased 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $9.03 per share, for a total transaction of $90,300.00. Following the completion of the transaction, the director now owns 48,439 shares of the company’s stock, valued at $437,404.17. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd A. Stevens purchased 5,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $10.20 per share, for a total transaction of $51,000.00. The disclosure for this purchase can be found here. Insiders acquired 21,980 shares of company stock worth $237,895 over the last quarter. Insiders own 3.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Truvestments Capital LLC bought a new stake in shares of California Resources during the 1st quarter valued at $27,000. State of Alaska Department of Revenue bought a new stake in shares of California Resources during the 1st quarter valued at $39,000. Hanson McClain Inc. raised its position in shares of California Resources by 60.2% during the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock valued at $89,000 after purchasing an additional 1,708 shares during the period. Point72 Hong Kong Ltd raised its position in shares of California Resources by 232.9% during the 2nd quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 4,718 shares during the period. Finally, Teza Capital Management LLC bought a new stake in shares of California Resources during the 1st quarter valued at $202,000. Institutional investors and hedge funds own 62.31% of the company’s stock.

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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