California Resources Corp (NYSE:CRC)’s share price shot up 3.2% during trading on Thursday . The company traded as high as $16.87 and last traded at $16.17. 877,586 shares were traded during mid-day trading, a decline of 48% from the average session volume of 1,680,207 shares. The stock had previously closed at $16.70.
A number of research firms recently commented on CRC. Zacks Investment Research lowered California Resources from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Goldman Sachs upgraded California Resources from a “sell” rating to a “neutral” rating and set a $27.50 target price for the company in a report on Thursday, February 1st. Societe Generale downgraded California Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Finally, Imperial Capital upgraded California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price for the company in a report on Monday, February 12th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. California Resources has a consensus rating of “Hold” and an average price target of $23.42.
The company has a market capitalization of $716.46, a price-to-earnings ratio of -2.76 and a beta of 6.25. The company has a debt-to-equity ratio of -7.37, a current ratio of 0.66 and a quick ratio of 0.58.
In other California Resources news, Director Harry T. Mcmahon bought 35,530 shares of the stock in a transaction on Thursday, March 1st. The stock was acquired at an average cost of $14.18 per share, for a total transaction of $503,815.40. Following the completion of the acquisition, the director now owns 48,773 shares in the company, valued at approximately $691,601.14. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.91% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Barnett & Company Inc. increased its holdings in shares of California Resources by 306.9% during the fourth quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 4,300 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of California Resources during the third quarter valued at approximately $117,000. Cubist Systematic Strategies LLC bought a new stake in shares of California Resources during the third quarter valued at approximately $164,000. MANA Advisors LLC bought a new stake in shares of California Resources during the fourth quarter valued at approximately $220,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of California Resources during the fourth quarter valued at approximately $244,000. Institutional investors and hedge funds own 73.90% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This article was originally posted by Ticker Report and is the property of of Ticker Report. If you are reading this article on another domain, it was stolen and republished in violation of United States and international copyright and trademark law. The original version of this article can be read at https://www.tickerreport.com/banking-finance/3294880/california-resources-crc-shares-up-3-2.html.
About California Resources
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).
Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.