California Resources Corp. (CRC) Trading Up 10.2%
Shares of California Resources Corp. (NYSE:CRC) were up 10.2% during mid-day trading on Wednesday . The company traded as high as $11.00 and last traded at $10.74, with a volume of 2,441,050 shares. The stock had previously closed at $9.75.
Separately, Zacks Investment Research raised California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, July 5th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $31.67.
The firm has a 50-day moving average of $10.98 and a 200 day moving average of $13.92. The firm’s market capitalization is $454.57 million.
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California Resources Corp. (NYSE:CRC) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.49) by $0.31. The company earned $317 million during the quarter, compared to analyst estimates of $437.47 million. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The firm’s quarterly revenue was down 50.4% compared to the same quarter last year. Equities analysts predict that California Resources Corp. will post ($6.57) earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Sterling Capital Management LLC bought a new position in California Resources Corp. during the second quarter worth approximately $358,000. Pine River Capital Management L.P. raised its position in California Resources Corp. by 99.8% in the second quarter. Pine River Capital Management L.P. now owns 956,301 shares of the company’s stock worth $11,667,000 after buying an additional 477,601 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in California Resources Corp. by 120.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 24,841 shares of the company’s stock worth $303,000 after buying an additional 13,577 shares in the last quarter. Highbridge Capital Management LLC bought a new position in California Resources Corp. during the second quarter worth approximately $185,000. Finally, Jane Street Group LLC bought a new position in California Resources Corp. during the second quarter worth approximately $252,000. 66.07% of the stock is currently owned by institutional investors.
California Resources Corp. 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 produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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