California Resources (NYSE:CRC) Shares Break Above Fifty Day Moving Average – Time to Sell?

California Resources Corporation (NYSE:CRC)’s stock price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $53.33 and traded as high as $54.18. California Resources shares last traded at $53.52, with a volume of 452,202 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Weiss Ratings raised California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Barclays set a $74.00 price target on California Resources and gave the company an “overweight” rating in a research report on Monday, August 17th. Stephens decreased their price target on California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $77.00 price target on shares of California Resources in a research note on Monday, September 14th. Finally, Seaport Research Partners started coverage on California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $74.44.

California Resources Stock Down 0.4%

The stock has a market cap of $4.80 billion, a price-to-earnings ratio of -39.72 and a beta of 1.02. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The stock’s 50-day moving average price is $53.37 and its 200-day moving average price is $57.12.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. During the same period in the prior year, the company posted $1.10 earnings per share. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. On average, sell-side analysts expect that California Resources Corporation will post 3.89 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a dividend of $0.4050 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. California Resources’s dividend payout ratio is -119.12%.

Insider Buying and Selling

In other California Resources news, EVP Jay Bys sold 11,907 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 135,610 shares in the company, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. boosted its position in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 440 shares in the last quarter. Valued Wealth Advisors LLC acquired a new stake in California Resources during the first quarter worth approximately $29,000. EMC Capital Management acquired a new stake in California Resources during the fourth quarter worth approximately $42,000. Integrated Wealth Concepts LLC bought a new stake in California Resources in the second quarter worth approximately $109,000. Finally, Farther Finance Advisors LLC increased its holdings in California Resources by 56.7% in the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer’s stock worth $110,000 after purchasing an additional 755 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.