Shares of California Resources Corp (NYSE:CRC) gapped up before the market opened on Thursday . The stock had previously closed at $24.60, but opened at $24.04. California Resources shares last traded at $23.81, with a volume of 1162868 shares trading hands.
Several analysts have recently weighed in on the stock. ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Friday, April 6th. Zacks Investment Research raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, March 13th. Societe Generale downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Imperial Capital raised shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price target for the company in a research note on Monday, February 12th. Finally, Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a research note on Thursday, January 4th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $23.42.
The firm has a market cap of $1,031.36, a PE ratio of -5.39 and a beta of 5.86. The company has a current ratio of 0.66, a quick ratio of 0.58 and a debt-to-equity ratio of -7.37.
In other California Resources news, Director Harry T. Mcmahon acquired 35,530 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were bought at an average cost of $14.18 per share, with a total value of $503,815.40. Following the completion of the acquisition, the director now directly owns 48,773 shares in the company, valued at approximately $691,601.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.31% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in California Resources by 1.4% during the fourth quarter. BlackRock Inc. now owns 2,959,318 shares of the oil and gas producer’s stock valued at $57,528,000 after buying an additional 40,990 shares during the period. Mackenzie Financial Corp grew its holdings in California Resources by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 1,812,300 shares of the oil and gas producer’s stock worth $35,231,000 after purchasing an additional 70,300 shares during the last quarter. Cyrus Capital Partners L.P. grew its holdings in California Resources by 1.1% in the fourth quarter. Cyrus Capital Partners L.P. now owns 1,494,639 shares of the oil and gas producer’s stock worth $29,055,000 after purchasing an additional 16,408 shares during the last quarter. Elephas Investment Management Ltd purchased a new position in California Resources in the fourth quarter worth $26,082,000. Finally, Masters Capital Management LLC purchased a new position in California Resources in the fourth quarter worth $19,440,000. 73.90% of the stock is currently owned by institutional investors.
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California Resources Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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