California Resources Corp. (CRC) Sees Large Volume Increase
California Resources Corp. (NYSE:CRC) shares saw unusually-strong trading volume on Monday . Approximately 7,533,061 shares traded hands during mid-day trading, an increase of 119% from the previous session’s volume of 3,439,910 shares.The stock last traded at $11.96 and had previously closed at $9.42.
Separately, Zacks Investment Research raised California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, July 5th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. California Resources Corp. presently has a consensus rating of “Hold” and an average target price of $31.67.
The company’s market cap is $493.61 million. The company’s 50 day moving average price is $12.20 and its 200-day moving average price is $13.39.
California Resources Corp. (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.49) by $0.31. The firm earned $317 million during the quarter, compared to analyst estimates of $437.47 million. The company’s quarterly revenue was down 50.4% on a year-over-year basis. On average, equities research analysts expect that California Resources Corp. will post ($6.09) EPS for the current year.
Several hedge funds and institutional investors have modified their holdings of CRC. Marshall Wace LLP increased its position in shares of California Resources Corp. by 76.8% in the fourth quarter. Marshall Wace LLP now owns 2,571,849 shares of the company’s stock worth $5,992,000 after buying an additional 1,116,822 shares in the last quarter. Rhumbline Advisers increased its position in shares of California Resources Corp. by 3.2% in the fourth quarter. Rhumbline Advisers now owns 481,558 shares of the company’s stock worth $1,122,000 after buying an additional 15,098 shares in the last quarter. California State Teachers Retirement System increased its position in shares of California Resources Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 601,277 shares of the company’s stock worth $1,401,000 after buying an additional 10,576 shares in the last quarter. Matarin Capital Management LLC acquired a new position in shares of California Resources Corp. during the fourth quarter worth $2,968,000. Finally, Nationwide Fund Advisors increased its position in shares of California Resources Corp. by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 500,589 shares of the company’s stock worth $1,166,000 after buying an additional 6,813 shares in the last quarter.
California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, operating properties exclusively within the State of California. The Company has a mineral acreage consisting of approximately 2.4 million net acres spanning the state’s four oil and gas basins.
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