Investors Buy Large Volume of Call Options on California Resources (NYSE:CRC)

California Resources Co. (NYSE:CRC) was the recipient of some unusual options trading activity on Wednesday. Investors bought 5,395 call options on the stock. This is an increase of 2,785% compared to the average daily volume of 187 call options.

In other news, major shareholder Ares Management Llc sold 200,000 shares of California Resources stock in a transaction on Friday, June 18th. The shares were sold at an average price of $32.43, for a total transaction of $6,486,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Goldentree Asset Management Lp sold 9,438 shares of California Resources stock in a transaction on Thursday, July 15th. The stock was sold at an average price of $28.11, for a total transaction of $265,302.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,001,188 shares of company stock valued at $98,807,275.

Large investors have recently bought and sold shares of the stock. UBS Group AG boosted its stake in California Resources by 2,062.4% during the first quarter. UBS Group AG now owns 2,011 shares of the oil and gas producer’s stock worth $48,000 after acquiring an additional 1,918 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in California Resources during the first quarter worth about $75,000. Nisa Investment Advisors LLC bought a new position in shares of California Resources in the second quarter worth approximately $78,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of California Resources in the second quarter worth approximately $142,000. Finally, Citigroup Inc. lifted its stake in shares of California Resources by 5,534.9% in the second quarter. Citigroup Inc. now owns 4,846 shares of the oil and gas producer’s stock worth $146,000 after buying an additional 4,760 shares in the last quarter.

A number of equities analysts have issued reports on CRC shares. KeyCorp started coverage on shares of California Resources in a research report on Thursday, September 9th. They issued an “overweight” rating and a $45.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of California Resources from $44.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 8th.

Shares of NYSE CRC traded up $1.15 during midday trading on Wednesday, hitting $42.54. 115,033 shares of the company traded hands, compared to its average volume of 613,138. California Resources has a 12-month low of $10.99 and a 12-month high of $43.29. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.65 and a quick ratio of 0.59. The stock has a 50-day moving average price of $30.77 and a 200 day moving average price of $28.25.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Thursday, August 5th. The oil and gas producer reported $0.94 earnings per share (EPS) for the quarter. California Resources had a net margin of 263.47% and a return on equity of 1,765.75%. The company had revenue of $304.00 million for the quarter. On average, sell-side analysts expect that California Resources will post 4.61 earnings per share for the current year.

California Resources Company Profile

California Resources Corporation operates as an independent 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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