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Barclays analysts initates an Equal weight rating for California Resources Corporation (CRC)

In a filing, California Resources Corporation revealed its Director McFarland Mark Allen unloaded Company’s shares for reported $0.85 million on May 29 ’24. In the deal valued at $47.24 per share,18,000 shares were sold. As a result of this transaction, McFarland Mark Allen now holds 86,939 shares worth roughly $4.46 million.

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Then, McFarland Mark Allen sold 37,000 shares, generating $1,779,710 in total proceeds. Upon selling the shares at $48.10, the Director now owns 104,939 shares.

Before that, McFarland Mark Allen sold 75,000 shares. California Resources Corporation shares valued at $3,538,530 were divested by the Director at a price of $47.18 per share. As a result of the transaction, McFarland Mark Allen now holds 141,939 shares, worth roughly $7.28 million.

Barclays initiated its California Resources Corporation [CRC] rating to an Equal weight in a research note published on April 10, 2024; the price target was $62. A number of analysts have revised their coverage, including BofA Securities’s analysts, who decreased its forecast for the stock in early January from “a Buy” to “a Neutral”. BofA Securities also remained covering CRC and has increased its forecast on February 24, 2023 with a “Buy” recommendation from previously “Neutral” rating. Mizuho started covering the stock on January 10, 2023. It rated CRC as “a Buy”.

Price Performance Review of CRC

On Friday, California Resources Corporation [NYSE:CRC] saw its stock fall -3.02% to $51.32. Over the last five days, the stock has lost -2.51%. California Resources Corporation shares have fallen nearly -6.14% since the year began. Nevertheless, the stocks have risen 13.31% over the past one year. While a 52-week high of $58.44 was reached on 04/12/24, a 52-week low of $43.30 was recorded on 06/04/24. SMA at 50 days reached $49.78, while 200 days put it at $52.15. A total of 0.63 million shares were traded, compared to the trading of 0.36 million shares in the previous session.

Levels Of Support And Resistance For CRC Stock

The 24-hour chart illustrates a support level at 50.73, which if violated will result in even more drops to 50.15. On the upside, there is a resistance level at 52.37. A further resistance level may holdings at 53.42. The Relative Strength Index (RSI) on the 14-day chart is 54.33, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.06, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 46.20%. Stochastics%K at 71.40% indicates the stock is a holding.

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