Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 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 $315.29 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 $324.94 million.
Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”an Underperform”‘ outlook in a report released in mid July. As of May 10, 2022, Citigroup has initiated its “Buy” rating for CRC.
Analyzing CRC’s Price Performance
On Thursday, California Resources Corporation [NYSE: CRC] plunged -3.02% to $42.05. The stock’s lowest price that day was $41.76, but it reached a high of $44.28 in the same session. During the last five days, there has been a drop of approximately -5.38%. Over the course of the year, California Resources Corporation shares have dropped approximately -1.55%. Shares of the company reached a 52-week high of $50.44 on 03/30/22 and a 52-week low of $35.95 on 06/23/22. A 50-day SMA is recorded $42.20, while a 200-day SMA reached $42.81. Nevertheless, trading volume fell to 2.0 million shares from 0.51 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 41.11, which, if violated, would cause prices to drop to 40.18. In the upper region, resistance lies at 43.63. The next price resistance is at 45.22. RSI (Relative Strength Index) is 50.15 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.66, which suggests the price will decrease in the coming days. Percent R is at 60.13%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is California Resources Corporation subject to short interest?
Stocks of California Resources Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.35 million shares to 3.77 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.42 million shares. A jump of 9.28% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.5 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.5.
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 transaction, The Vanguard Group, Inc.’s stake is now worth $284,464,873. Fidelity Management & Research Co reduced a -13.62% interest valued at $276.92 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 $87.84 million.
In terms of California Resources Corporation share price expectations, FactSet research, analysts set an average price target of $56.25 in the next 12 months, up nearly 23.39% from the previous closing price of $43.36. Analysts anticipate California Resources Corporation stock to reach $70.00 by 2022, with the lowest price target being $48.00. In spite of this, 4 analysts ranked California Resources Corporation stock as an Overweight at the end of 2022. On September 22, 2021, MKM Partners assigned a price target of “a Buy” to the stock and initiated coverage with a $54.