California Resources (NYSE:CRC) Sets New 1-Year High – What’s Next?

Shares of California Resources Corporation (NYSE:CRC) reached a new 52-week high on Monday . The company traded as high as $62.48 and last traded at $60.0940, with a volume of 204296 shares traded. The stock had previously closed at $58.84.

Wall Street Analyst Weigh In

CRC has been the topic of several research reports. TD Cowen upgraded California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research note on Monday, January 5th. Wells Fargo & Company reissued an “overweight” rating and set a $56.00 price objective (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Finally, Barclays set a $65.00 target price on shares of California Resources and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The business’s 50 day moving average price is $50.85 and its 200 day moving average price is $49.86. The stock has a market capitalization of $5.00 billion, a P/E ratio of 13.89 and a beta of 1.15.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 11.59% and a net margin of 10.60%.The company had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. During the same period last year, the firm posted $0.91 EPS. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. Sell-side analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new position in shares of California Resources during the 4th quarter valued at approximately $26,000. Clearstead Advisors LLC raised its position in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the period. Pinnacle Holdings LLC purchased a new position in shares of California Resources during the 4th quarter valued at $27,000. Salomon & Ludwin LLC bought a new position in California Resources in the 3rd quarter worth $29,000. Finally, FNY Investment Advisers LLC purchased a new stake in California Resources in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.