Traders Purchase High Volume of Call Options on California Resources (NYSE:CRC)

California Resources Co. (NYSE:CRC) was the target of some unusual options trading on Friday. Stock traders acquired 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 0.8 %

Shares of NYSE CRC traded up $0.46 during trading hours on Friday, hitting $58.93. The company had a trading volume of 146,521 shares, compared to its average volume of 836,955. The stock has a market capitalization of $4.00 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 1.45 and a beta of 0.98. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41. The firm’s 50 day moving average is $54.25 and its 200-day moving average is $51.27.

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

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.63%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is 24.41%.

Insider Activity

In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 4.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 36.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,270 shares of company stock worth $1,387,778 in the last 90 days. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently added to or reduced their stakes in CRC. GAMMA Investing LLC lifted its holdings in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new position in California Resources during the 3rd quarter worth $70,000. KBC Group NV increased its position in California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares during the period. Farther Finance Advisors LLC increased its position in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the period. Finally, Atria Investments Inc bought a new position in California Resources during the 3rd quarter worth $209,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CRC shares. UBS Group began coverage on California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. Citigroup increased their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Finally, Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.40.

About California Resources

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.