California Resources (NYSE:CRC) Sets New 52-Week High After Strong Earnings

California Resources Co. (NYSE:CRC)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $58.78 and last traded at $58.33, with a volume of 106093 shares. The stock had previously closed at $53.96.

The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the business posted $1.02 earnings per share. California Resources’s quarterly revenue was up 194.1% compared to the same quarter last year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CRC shares. Stephens started coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. Barclays boosted their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. TD Cowen began coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Insider Activity

In related news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Francisco Leon sold 7,500 shares of the business’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 completion of the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was 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 at this link. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently bought and sold shares of CRC. KBC Group NV raised its stake in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares during the period. GSA Capital Partners LLP purchased a new stake in California Resources during the 3rd quarter worth approximately $682,000. Atria Investments Inc purchased a new stake in California Resources during the 3rd quarter worth approximately $209,000. Amalgamated Bank increased its stake in California Resources by 3.1% during the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after buying an additional 605 shares during the period. Finally, Private Management Group Inc. increased its position in shares of California Resources by 0.3% in the 3rd quarter. Private Management Group Inc. now owns 796,610 shares of the oil and gas producer’s stock valued at $41,798,000 after purchasing an additional 2,651 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Performance

The stock’s 50-day simple moving average is $51.75 and its 200 day simple moving average is $50.68. 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 company has a market capitalization of $4.01 billion, a PE ratio of 23.99, a P/E/G ratio of 1.28 and a beta of 0.98.

California Resources Company Profile

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.