California Resources (NYSE:CRC) Shares Up 5.4% – Should You Buy?

by · The Markets Daily

California Resources Co. (NYSE:CRC – Get Free Report)’s share price shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $53.25 and last traded at $53.12. 310,678 shares changed hands during trading, a decline of 64% from the average session volume of 863,310 shares. The stock had previously closed at $50.41.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRC. Barclays boosted their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Stephens began coverage on shares of California Resources in a report on Tuesday. They set an “overweight” rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $65.67.

Read Our Latest Stock Report on CRC

California Resources Stock Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. The stock has a market cap of $3.67 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The company’s 50 day moving average price is $51.36 and its 200-day moving average price is $50.89.

California Resources (NYSE:CRC – Get Free Report) last posted its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. During the same quarter in the previous year, the company earned $0.53 EPS. The business’s revenue was down 13.0% compared to the same quarter last year. Equities analysts forecast that California Resources Co. will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.3875 per share. The ex-dividend date was Friday, August 30th. This represents a $1.55 annualized dividend and a yield of 2.90%. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio is presently 44.41%.

Insider Activity at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Resources

Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its holdings in shares of California Resources by 3.7% in the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after buying an additional 253 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of California Resources by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after buying an additional 400 shares in the last quarter. AlphaMark Advisors LLC lifted its holdings in shares of California Resources by 10.9% in the third quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock worth $349,000 after buying an additional 652 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after buying an additional 738 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

(Get Free Report)

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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