Traders Buy High Volume of California Resources Put Options (CRC)
California Resources Corp (NYSE:CRC) was the recipient of unusually large options trading on Thursday. Traders acquired 4,859 put options on the stock. This represents an increase of approximately 956% compared to the typical volume of 460 put options.
Shares of California Resources (NYSE CRC) opened at $17.87 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78. California Resources has a 52 week low of $6.47 and a 52 week high of $25.06. The firm has a market capitalization of $767.77, a P/E ratio of -3.68 and a beta of 6.16.
Several equities research analysts recently weighed in on the company. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating and boosted their target price for the stock from $17.91 to $25.00 in a research note on Friday. Goldman Sachs Group upgraded California Resources from a “sell” rating to a “neutral” rating and set a $27.50 target price for the company in a research note on Thursday, February 1st. Zacks Investment Research cut California Resources from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Finally, Imperial Capital boosted their price objective on California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a research note on Wednesday, November 8th. Two investment 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 an average rating of “Hold” and an average price target of $22.08.
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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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