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

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

A number of brokerages have issued reports on CRC. TD Cowen raised shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. Mizuho raised their price target on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. 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 restated an “overweight” rating and set a $56.00 target price (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Finally, Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Price Performance

The company has a market capitalization of $5.00 billion, a PE ratio of 13.89 and a beta of 1.15. The firm has a fifty day simple moving average of $50.85 and a 200 day simple moving average of $49.86. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89.

California Resources (NYSE:CRC) last released its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share 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 business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. Equities analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

Hedge Funds Weigh In On California Resources

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in California Resources by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock valued at $392,335,000 after acquiring an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California Resources by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after purchasing an additional 632,170 shares during the last quarter. State Street Corp boosted its position in shares of California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock worth $171,786,000 after purchasing an additional 491,751 shares in the last quarter. American Century Companies Inc. grew its stake in California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock worth $159,882,000 after buying an additional 159,708 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in California Resources by 200.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after buying an additional 1,564,866 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

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.