California Resources Corp (NYSE:CRC) Director Harold M. Korell acquired 1,848 shares of the stock in a transaction on Tuesday, November 6th. The stock was bought at an average price of $29.17 per share, with a total value of $53,906.16. Following the completion of the acquisition, the director now directly owns 39,719 shares of the company’s stock, valued at $1,158,603.23. The purchase was disclosed in a filing with the SEC, which is available at this link.
Shares of CRC stock traded up $1.22 during trading hours on Wednesday, hitting $29.74. 577,125 shares of the company’s stock traded hands, compared to its average volume of 1,670,849. California Resources Corp has a 12-month low of $13.26 and a 12-month high of $50.34. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -6.76 and a beta of 5.50.
California Resources (NYSE:CRC) last released its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.89. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. The firm had revenue of $828.00 million during the quarter, compared to analyst estimates of $689.83 million. During the same period last year, the business earned ($1.22) earnings per share. The business’s revenue was up 86.1% on a year-over-year basis. Analysts forecast that California Resources Corp will post -0.17 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of California Resources by 933.6% during the third quarter. JPMorgan Chase & Co. now owns 1,031,585 shares of the oil and gas producer’s stock valued at $50,063,000 after purchasing an additional 931,777 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of California Resources by 11.5% during the third quarter. Commonwealth Equity Services LLC now owns 47,469 shares of the oil and gas producer’s stock valued at $2,303,000 after purchasing an additional 4,898 shares during the last quarter. Dupont Capital Management Corp purchased a new position in shares of California Resources during the third quarter valued at approximately $504,000. WINTON GROUP Ltd lifted its holdings in shares of California Resources by 41.1% during the third quarter. WINTON GROUP Ltd now owns 6,698 shares of the oil and gas producer’s stock valued at $325,000 after purchasing an additional 1,952 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in California Resources in the 3rd quarter worth approximately $6,239,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.
Several equities analysts have recently issued reports on the stock. ValuEngine upgraded shares of California Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 19th. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating and set a $52.00 target price for the company in a report on Wednesday, October 3rd. Evercore ISI assumed coverage on shares of California Resources in a report on Friday, September 21st. They set an “outperform” rating and a $55.00 target price for the company. Finally, Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $35.79.
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About California Resources
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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