Traders Purchase Large Volume of California Resources Put Options (CRC)

California Resources Corp (NYSE:CRC) saw unusually large options trading activity on Thursday. Stock investors bought 4,859 put options on the stock. This is an increase of approximately 956% compared to the average daily volume of 460 put options.

Several equities research analysts recently commented on the stock. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating and boosted their price target for the stock from $17.91 to $25.00 in a report on Friday. Zacks Investment Research lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Goldman Sachs Group raised shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price target for the company in a report on Thursday, February 1st. Imperial Capital boosted their price target on shares of California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a report on Wednesday, November 8th. Finally, Morgan Stanley boosted their price target on shares of California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. California Resources presently has a consensus rating of “Hold” and a consensus price target of $22.08.

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of California Resources by 23.1% during the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock worth $30,673,000 after buying an additional 672,825 shares in the last quarter. BlackRock Inc. grew its holdings in shares of California Resources by 1.4% during the fourth quarter. BlackRock Inc. now owns 2,959,318 shares of the oil and gas producer’s stock worth $57,528,000 after buying an additional 40,990 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of California Resources by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock worth $15,803,000 after buying an additional 84,072 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of California Resources by 2.9% during the third quarter. Mackenzie Financial Corp now owns 1,742,000 shares of the oil and gas producer’s stock worth $18,221,000 after buying an additional 49,500 shares in the last quarter. Finally, Restructuring Capital Associates LP grew its holdings in shares of California Resources by 39.5% during the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock worth $18,105,000 after buying an additional 490,408 shares in the last quarter. 74.41% of the stock is owned by institutional investors and hedge funds.

Shares of California Resources (NYSE CRC) opened at $17.87 on Friday. California Resources has a 1-year low of $6.47 and a 1-year high of $25.06. The stock has a market cap of $767.77, a price-to-earnings ratio of -3.68 and a beta of 6.16. The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78.

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California Resources Company Profile

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).

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