Sunday, June 26, 2022

10% Owner GOLDENTREE ASSET MANAGEMENT LP sold 29,302 shares of California Resources Corporation [CRC]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. California Resources Corporation shares valued at $1,291,339 were sold by GOLDENTREE ASSET MANAGEMENT LP on Apr 06. At $44.07 per share, GOLDENTREE ASSET MANAGEMENT LP sold 29,302 shares. The insider’s holdings dropped to 7,498,085 shares worth approximately $284.55 million following the completion of this transaction.

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Also, GOLDENTREE ASSET MANAGEMENT LP sold 200,000 shares, netting a total of over 8,875,000 in proceeds. Following the sale of shares at $44.38 each, the insider now holds 7,527,387 shares.

Before that, GOLDENTREE ASSET MANAGEMENT LP had sold 126,691 shares from its account. In a trade valued at $6,157,005, the 10% Owner traded California Resources Corporation shares for $48.60 each. Upon closing the transaction, the insider’s holdings decreased to 126,691 shares, worth approximately $293.25 million.

As published in their initiating research note from Citigroup on May 10, 2022, California Resources Corporation [CRC] has been a Buy and the price target has been revised to $60. This represents a 36.75% premium over Wednesday’s closing price. As of September 22, 2021, MKM Partners has initiated its “Buy” rating for CRC. Earlier on September 09, 2021, KeyBanc Capital Markets initiated its rating. Their recommendation was “an Overweight” for CRC stock.

Analyzing CRC’s Price Performance

On Wednesday, California Resources Corporation [NYSE: CRC] plunged -3.39% to $37.95. The stock’s lowest price that day was $36.27, but it reached a high of $39.06 in the same session. During the last five days, there has been a drop of approximately -14.60%. Over the course of the year, California Resources Corporation shares have dropped approximately -11.14%. Shares of the company reached a 52-week high of $50.44 on 03/30/22 and a 52-week low of $36.27 on 06/22/22. A 50-day SMA is recorded $43.11, while a 200-day SMA reached $42.86. Nevertheless, trading volume fell to 2.29 million shares from 0.83 million shares the previous day.

Support And Resistance Levels for California Resources Corporation (CRC)

According to the 24-hour chart, there is a support level at 36.46, which, if violated, would cause prices to drop to 34.97. In the upper region, resistance lies at 39.25. The next price resistance is at 40.55. RSI (Relative Strength Index) is 32.99 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.62, which suggests the price will decrease in the coming days. Percent R is at 87.95%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of California Resources Corporation (CRC)?

According to GoldenTree Asset Management LP filings, the company currently owns 7,498,085 shares, which is about 9.66% of the total CRC shares outstanding. The investor’s shares have plunged by -229,302 from its previous 13-F filing of 7727387.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $322,664,442. Fidelity Management & Research Co reduced a -13.62% interest valued at $314.1 million while BlackRock Fund Advisors purchased a 61,525 stake. A total of -1,883,195 shares of California Resources Corporation were bought by Ares Management LLC during the quarter, and 576,042 were bought by SSgA Funds Management, Inc. In its current portfolio, Encompass Capital Advisors LLC holds 2,281,631 shares valued at $99.64 million.

On May 28, 2021, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and initiated coverage with a $40.

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