Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. California Resources Corporation shares valued at $850,385 were sold by McFarland Mark Allen on May 29 ’24. At $47.24 per share, McFarland Mark Allen sold 18,000 shares. The insider’s holdings dropped to 86,939 shares worth approximately $4.31 million following the completion of this transaction.
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Also, McFarland Mark Allen sold 37,000 shares, netting a total of over 1,779,710 in proceeds. Following the sale of shares at $48.10 each, the insider now holds 104,939 shares.
Before that, McFarland Mark Allen had sold 75,000 shares from its account. In a trade valued at $3,538,530, the Director traded California Resources Corporation shares for $47.18 each. Upon closing the transaction, the insider’s holdings decreased to 75,000 shares, worth approximately $7.04 million.
As published in their initiating research note from Barclays on April 10, 2024, California Resources Corporation [CRC] has been an Equal weight and the price target has been revised to $62. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early January. As of February 24, 2023, BofA Securities has increased its “Neutral” rating to a “Buy” for CRC. Earlier on January 10, 2023, Mizuho initiated its rating. Their recommendation was “a Buy” for CRC stock.
Analyzing CRC Stock Performance
During the last five days, there has been a surge of approximately 1.72%. Over the course of the year, California Resources Corporation shares have dropped approximately -9.25%. Shares of the company reached a 52-week high of $57.88 on 04/12/24 and a 52-week low of $43.30 on 06/04/24. A 50-day SMA is recorded $50.45, while a 200-day SMA reached $52.39. Nevertheless, trading volume fell to 1.27 million shares from 0.95 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 49.14, which, if violated, would cause prices to drop to 48.66. In the upper region, resistance lies at 50.54. The next price resistance is at 51.46. RSI (Relative Strength Index) is 54.43 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.37, which suggests the price will increase in the coming days. Percent R is at 17.71%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
