California Resources (NYSE:CRC) Shares Gap Up to $8.38

California Resources Corp (NYSE:CRC) gapped up before the market opened on Thursday . The stock had previously closed at $8.68, but opened at $8.38. California Resources shares last traded at $8.43, with a volume of 64,499 shares trading hands.

CRC has been the topic of a number of research analyst reports. Imperial Capital lowered their price objective on shares of California Resources from $28.00 to $20.00 and set a “positive” rating on the stock in a research note on Monday, August 5th. ValuEngine upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Bank of America raised their price objective on shares of California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. California Resources currently has an average rating of “Hold” and a consensus target price of $24.17.

The firm has a market cap of $433.65 million, a price-to-earnings ratio of 6.97 and a beta of 4.48. The stock’s 50 day moving average is $10.29 and its 200 day moving average is $16.89.

California Resources (NYSE:CRC) last issued its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.57). The business had revenue of $653.00 million for the quarter, compared to the consensus estimate of $674.43 million. California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The company’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.29) earnings per share. On average, analysts anticipate that California Resources Corp will post 0.43 EPS for the current year.

In other California Resources news, CEO Todd A. Stevens bought 5,000 shares of California Resources stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average cost of $10.20 per share, for a total transaction of $51,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Avedick Baruyr Poladian bought 10,000 shares of California Resources stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $9.03 per share, with a total value of $90,300.00. Following the completion of the acquisition, the director now directly owns 48,439 shares of the company’s stock, valued at approximately $437,404.17. The disclosure for this purchase can be found here. Insiders have purchased 17,980 shares of company stock valued at $171,365 over the last 90 days. 3.50% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. Hanson McClain Inc. boosted its stake in California Resources by 60.2% in the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after purchasing an additional 1,708 shares during the period. Point72 Hong Kong Ltd raised its holdings 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 in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of California Resources by 375.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 5,787 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of California Resources during the 2nd quarter valued at $255,000. Finally, AlphaCrest Capital Management LLC bought a new position in shares of California Resources during the 1st quarter valued at $278,000. Hedge funds and other institutional investors own 61.12% 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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