California Resources Corp (NYSE:CRC) saw unusually large options trading activity on Thursday. Investors acquired 3,045 put options on the stock. This represents an increase of approximately 1,310% compared to the average volume of 216 put options.

Shares of California Resources (NYSE CRC) opened at $20.79 on Friday. California Resources has a 1 year low of $6.47 and a 1 year high of $23.42. The firm has a market cap of $891.23, a price-to-earnings ratio of -4.16 and a beta of 6.63. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, topping the consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $476.87 million. During the same quarter in the prior year, the firm posted ($1.75) EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. analysts forecast that California Resources will post -4.67 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in California Resources during the third quarter worth $770,000. California Public Employees Retirement System boosted its stake in California Resources by 7.6% during the third quarter. California Public Employees Retirement System now owns 335,911 shares of the oil and gas producer’s stock worth $3,514,000 after buying an additional 23,605 shares during the period. Cubist Systematic Strategies LLC purchased a new position in California Resources during the third quarter worth $164,000. Janus Henderson Group PLC boosted its stake in California Resources by 8.8% during the third quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock worth $8,548,000 after buying an additional 66,280 shares during the period. Finally, Restructuring Capital Associates LP boosted its stake in California Resources by 39.5% during the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock worth $18,105,000 after buying an additional 490,408 shares during the period. 75.22% of the stock is owned by institutional investors.

Several equities research analysts recently weighed in on the stock. Bank of America upgraded shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Thursday. Societe Generale cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Monday, December 18th. Imperial Capital boosted their price target on shares of California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a research report on Wednesday, November 8th. Finally, Morgan Stanley upgraded shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $17.75.

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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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