California Resources Corporation [NYSE: CRC] jumped around 6.21 points on Wednesday, while shares priced at $53.22 at the close of the session, up 13.21%. The company report on February 7, 2024 at 10:40 AM that CPP Investments to Acquire Common Stock in California Resources Corporation through Aera Energy Merger.
CPP Investments holds a 49% equity stake in Aera EnergyCombined company to play leading role in California’s energy transition.
Canada Pension Plan Investment Board (CPP Investments) today announced certain affiliates of CPP Investments have signed a definitive agreement providing for a proposed merger of Aera Energy, LLC (Aera Energy), and California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to the energy transition. The transaction values Aera Energy at approximately $2.1 billion, inclusive of Aera Energy’s net debt. CPP Investments will receive newly issued shares of common stock in the combined company upon the close of the transaction that, at current valuations, is expected to represent approximately 11.2% of the combined company.
Compared to the average trading volume of 562.54K shares, CRC reached a trading volume of 3412326 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about California Resources Corporation [CRC]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CRC shares is $63.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CRC stock is a recommendation set at 1.29. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BofA Securities have made an estimate for California Resources Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 05, 2024.
The Average True Range (ATR) for California Resources Corporation is set at 1.62, with the Price to Sales ratio for CRC stock in the period of the last 12 months amounting to 1.21. The Price to Book ratio for the last quarter was 1.78, with the Price to Cash per share for the same quarter was set at 6.98. Price to Free Cash Flow for CRC in the course of the last twelve months was 8.26 with Quick ratio for the last quarter at 1.24.
How has CRC stock performed recently?
California Resources Corporation [CRC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 11.62. With this latest performance, CRC shares gained by 2.25% in over the last four-week period, additionally sinking by -4.06% over the last 6 months – not to mention a rise of 32.55% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CRC stock in for the last two-week period is set at 60.49, with the RSI for the last a single of trading hit 66.56, and the three-weeks RSI is set at 56.91 for California Resources Corporation [CRC]. The present Moving Average for the last 50 days of trading for this stock 51.36, while it was recorded at 48.16 for the last single week of trading, and 49.69 for the last 200 days.
California Resources Corporation [CRC]: Deeper insight into the fundamentals
California Resources Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.24 and a Current Ratio set at 1.34.
Earnings analysis for California Resources Corporation [CRC]
With the latest financial reports released by the company, California Resources Corporation posted 1.24/share EPS, while the average EPS was predicted by analysts to be reported at 1.55/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -20.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CRC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for California Resources Corporation go to 7.00%.
Insider trade positions for California Resources Corporation [CRC]
The top three institutional holders of CRC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CRC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CRC stock with ownership which is approximately 5.8325%.
