Price Action To Observe: What’s Propelling California Resources Corp to Increase So Much?

Price Action To Observe: What's Propelling California Resources Corp to Increase So Much?

The stock of California Resources Corp (NYSE:CRC) is a huge mover today! About 2.25M shares traded hands. California Resources Corp (NYSE:CRC) has declined 15.17% since April 4, 2016 and is downtrending. It has underperformed by 16.26% the S&P500.
The move comes after 6 months positive chart setup for the $444.70M company. It was reported on Nov, 4 by Barchart.com. We have $27.81 PT which if reached, will make NYSE:CRC worth $698.18M more.

California Resources Corp (NYSE:CRC) Ratings Coverage

Out of 5 analysts covering California Resources Corporation (NYSE:CRC), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. California Resources Corporation has been the topic of 10 analyst reports since August 24, 2015 according to StockzIntelligence Inc. The stock of California Resources Corp (NYSE:CRC) has “Neutral” rating given on Tuesday, January 26 by Susquehanna. Bank of America downgraded the stock to “Neutral” rating in Tuesday, February 23 report. The stock of California Resources Corp (NYSE:CRC) has “Neutral” rating given on Friday, October 30 by Susquehanna. Johnson Rice initiated California Resources Corp (NYSE:CRC) on Friday, September 25 with “Accumulate” rating. The company was initiated on Monday, November 23 by Ladenburg Thalmann. The firm has “Hold” rating given on Wednesday, March 2 by Societe Generale.

According to Zacks Investment Research, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California.”

Insitutional Activity: The institutional sentiment decreased to 0.01 in Q2 2016. Its down 2.32, from 2.33 in 2016Q1. The ratio dropped, as 417 funds sold all California Resources Corp shares owned while 16 reduced positions. 3 funds bought stakes while 1 increased positions. They now own 1.52 million shares or 99.34% less from 230.03 million shares in 2016Q1.
Moreover, Vantage Inv Advisors Llc has 0% invested in California Resources Corp (NYSE:CRC) for 25 shares. Gemmer Asset Mgmt Limited last reported 0% of its portfolio in the stock. The Maryland-based Burt Wealth Advsr has invested 0% in California Resources Corp (NYSE:CRC). Moreover, Adams Asset Advsr Ltd Liability Co has 0.33% invested in California Resources Corp (NYSE:CRC) for 159,685 shares. Tradewinds Mgmt Limited Liability Company holds 1 shares or 0% of its portfolio. Cranbrook Wealth Mgmt reported 17 shares or 0% of all its holdings. Messner Smith Theme Value Invest Mngmt Ca reported 2 shares or 0% of all its holdings. Central Secs Corp has 1,170 shares for 0% of their US portfolio. Nelson Van Denburg & Campbell Wealth Management Ltd Liability Co accumulated 1,453 shares or 0% of the stock. Lenox Wealth Management Incorporated holds 2 shares or 0% of its portfolio. Skba Capital Mgmt Ltd Liability has 0% invested in the company for 39,624 shares. Moreover, Fort Washington Invest Inc Oh has 0% invested in California Resources Corp (NYSE:CRC) for 10,437 shares. Tru Department Mb National Bank N A has 44 shares for 0% of their US portfolio. Miura Glob Management Limited Liability Co has 1.51% invested in the company for 1.15M shares. American Rech And Co owns 41 shares or 0% of their US portfolio.

CRC Company Profile

California Resources Corporation, incorporated on April 23, 2014, is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Firm produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of approximately 640 million barrels of oil equivalent (MMBoe). The Firm operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (targeting steamflood activities) and approximately one in the Los Angeles basin (targeting waterflood activities). It has drilled approximately 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin.

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