California Resources Corp (NYSE:CRC) Director Avedick Baruyr Poladian Acquires 10,000 Shares

California Resources Corp (NYSE:CRC) Director Avedick Baruyr Poladian acquired 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $9.03 per share, with a total value of $90,300.00. Following the acquisition, the director now owns 48,439 shares of the company’s stock, valued at approximately $437,404.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shares of NYSE:CRC traded down $0.45 on Thursday, hitting $8.91. 1,952,875 shares of the company traded hands, compared to its average volume of 2,239,009. California Resources Corp has a 52 week low of $8.90 and a 52 week high of $50.34. The stock has a 50 day simple moving average of $15.35 and a 200-day simple moving average of $20.10. The company has a market cap of $441.98 million, a PE ratio of 7.02 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 for the quarter, missing the consensus estimate of $0.28 by ($0.57). California Resources had a net margin of 10.99% and a negative return on equity of 23.66%. The company had revenue of $653.00 million for the quarter, compared to the consensus estimate of $674.43 million. During the same quarter in the previous year, the business earned ($0.29) earnings per share. California Resources’s revenue was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that California Resources Corp will post 0.71 EPS for the current year.

A number of equities analysts have issued reports on the company. Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Monday, May 13th. They noted that the move was a valuation call. ValuEngine downgraded California Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Bank of America increased their price objective on California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Imperial Capital decreased their price objective on California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a report on Monday, August 5th. Finally, Zacks Investment Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. California Resources currently has an average rating of “Hold” and a consensus target price of $28.57.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in California Resources by 4.1% in the second 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. increased its position in 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 purchasing an additional 124,552 shares during the period. Spark Investment Management LLC increased its position in 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 purchasing an additional 98,100 shares during the period. Dimensional Fund Advisors LP increased its position in 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 purchasing an additional 294,906 shares during the period. Finally, FMR LLC boosted its stake in shares of California Resources by 8.0% during the 4th quarter. FMR LLC now owns 679,804 shares of the oil and gas producer’s stock worth $11,584,000 after acquiring an additional 50,276 shares in the last quarter. Hedge funds and other institutional investors own 62.31% of the company’s stock.

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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