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 trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $58.78 and last traded at $58.33, with a volume of 106093 shares trading hands. The stock had previously closed at $53.96.

The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRC. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Citigroup increased their price target on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Jefferies Financial Group began coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Stephens assumed coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target for the company. Finally, TD Cowen assumed coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 target price for the company. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.50.

Insider Buying and Selling at California Resources

In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. This represents a 500.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were bought at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred 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 sale, the vice president now owns 17,301 shares in the company, valued at $916,953. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by corporate insiders.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. KBC Group NV boosted its holdings in shares of California Resources by 29.1% during the third 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. Farther Finance Advisors LLC boosted its holdings in shares of California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after acquiring an additional 276 shares during the period. Atria Investments Inc acquired a new position in shares of California Resources during the third quarter valued at $209,000. Finally, Privium Fund Management B.V. acquired a new stake in California Resources in the second quarter worth about $258,000. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 9.5 %

The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 23.99, a P/E/G ratio of 1.28 and a beta of 0.98. The firm’s fifty day moving average is $51.75 and its two-hundred day moving average is $50.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

About California Resources

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.