California Resources Target of Unusually Large Options Trading (NYSE:CRC)

California Resources Co. (NYSE:CRC - Get Free Report) was the target of some unusual options trading activity on Friday. Stock traders purchased 2,880 call options on the stock. This represents an increase of approximately 393% compared to the average volume of 584 call options.

California Resources Stock Up 1.2 %

Shares of CRC stock traded up $0.69 on Friday, hitting $59.16. The stock had a trading volume of 321,419 shares, compared to its average volume of 837,810. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The business has a 50 day moving average of $54.49 and a 200 day moving average of $51.39. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 9.32, a price-to-earnings-growth ratio of 1.45 and a beta of 0.98.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter last year, the business posted $1.02 EPS. The company's revenue for the quarter was up 194.1% on a year-over-year basis. As a group, analysts expect that California Resources will post 3.42 EPS for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.62%. California Resources's dividend payout ratio (DPR) is currently 24.41%.

Analyst Ratings Changes

CRC has been the topic of a number of research analyst reports. TD Cowen increased their price objective on shares of California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a research report on Tuesday. Stephens began coverage on California Resources in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $73.00 price target on the stock. Royal Bank of Canada restated an "outperform" rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Jefferies Financial Group started coverage on California Resources in a report on Thursday, October 24th. They issued a "buy" rating and a $64.00 target price on the stock. Finally, Barclays boosted their price target on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, California Resources presently has an average rating of "Moderate Buy" and an average target price of $66.40.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares of the company's stock, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company's stock, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 over the last quarter. Company insiders own 0.03% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRC. GAMMA Investing LLC boosted its stake in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after acquiring an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of California Resources in the 3rd quarter worth approximately $70,000. KBC Group NV lifted its stake in California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock valued at $100,000 after purchasing an additional 431 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock valued at $169,000 after purchasing an additional 276 shares during the period. Finally, Atria Investments Inc bought a new position in California Resources during the third quarter valued at $209,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.