Investors Buy Large Volume of Call Options on California Resources (NYSE:CRC)

California Resources Co. (NYSE:CRC) was the target of some unusual options trading on Wednesday. Stock traders purchased 5,395 call options on the company. This is an increase of approximately 2,785% compared to the typical daily volume of 187 call options.

In other news, major shareholder Ares Management Llc sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, June 18th. The stock was sold at an average price of $32.43, for a total transaction of $6,486,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Goldentree Asset Management Lp sold 31,556 shares of the business’s stock in a transaction that occurred on Thursday, September 9th. The stock was sold at an average price of $39.23, for a total value of $1,237,941.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,001,188 shares of company stock worth $98,807,275.

A number of institutional investors and hedge funds have recently made changes to their positions in CRC. UBS Group AG raised its position in California Resources by 2,062.4% during the first quarter. UBS Group AG now owns 2,011 shares of the oil and gas producer’s stock valued at $48,000 after purchasing an additional 1,918 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in California Resources during the first quarter valued at approximately $75,000. Nisa Investment Advisors LLC acquired a new position in California Resources during the second quarter valued at approximately $78,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in California Resources during the second quarter valued at approximately $142,000. Finally, Citigroup Inc. increased its holdings in shares of California Resources by 5,534.9% during the second quarter. Citigroup Inc. now owns 4,846 shares of the oil and gas producer’s stock worth $146,000 after buying an additional 4,760 shares in the last quarter.

Shares of CRC stock traded up $1.15 during trading on Wednesday, hitting $42.54. The company had a trading volume of 115,033 shares, compared to its average volume of 613,138. The company has a current ratio of 0.65, a quick ratio of 0.59 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average price is $30.77 and its 200 day moving average price is $28.25. California Resources has a one year low of $10.99 and a one year high of $43.29.

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

A number of equities research analysts have recently issued reports on the company. KeyCorp assumed coverage on California Resources in a report on Thursday, September 9th. They set an “overweight” rating and a $45.00 price objective for the company. Royal Bank of Canada boosted their price target on California Resources from $44.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 8th.

About California Resources

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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