California Resources (NYSE:CRC) Shares Gap Up to $10.10

California Resources Corp (NYSE:CRC)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $10.64, but opened at $10.10. California Resources shares last traded at $10.00, with a volume of 1,049,883 shares trading hands.

CRC has been the subject of several analyst reports. Imperial Capital decreased their price objective on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research note on Monday, August 5th. ValuEngine lowered shares of California Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Raymond James upgraded shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research note on Monday, May 13th. They noted that the move was a valuation call. 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. Finally, Bank of America raised their price target on shares of California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. California Resources has a consensus rating of “Hold” and a consensus target price of $28.57.

The company’s 50 day moving average price is $13.84 and its 200-day moving average price is $19.68. The company has a market cap of $494.95 million, a PE ratio of 7.25 and a beta of 4.38.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.57). The company had revenue of $653.00 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.29) EPS. As a group, analysts predict that California Resources Corp will post 0.71 earnings per share for the current fiscal year.

In other California Resources news, CEO Todd A. Stevens acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average cost of $10.20 per share, with a total value of $51,000.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William E. Albrecht sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 102,883 shares of the company’s stock, valued at $2,057,660. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 21,980 shares of company stock valued at $237,895. 3.50% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Vanguard Group Inc. boosted its holdings in California Resources by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,045,349 shares of the oil and gas producer’s stock valued at $79,612,000 after purchasing an additional 161,155 shares during the period. BlackRock Inc. lifted its holdings in shares of California Resources by 3.9% during the 2nd quarter. BlackRock Inc. now owns 3,290,863 shares of the oil and gas producer’s stock worth $64,763,000 after acquiring an additional 124,552 shares during the last quarter. Spark Investment Management LLC lifted its holdings in shares of California Resources by 13.2% during the 1st quarter. Spark Investment Management LLC now owns 841,182 shares of the oil and gas producer’s stock worth $21,626,000 after acquiring an additional 98,100 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California Resources by 57.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 807,671 shares of the oil and gas producer’s stock worth $13,763,000 after acquiring an additional 294,906 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of California Resources by 3.4% during the 2nd quarter. Northern Trust Corp now owns 580,323 shares of the oil and gas producer’s stock worth $11,420,000 after acquiring an additional 18,975 shares during the last quarter. 57.73% of the stock is owned by institutional investors.

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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