California Resources (NYSE:CRC) Sets New 12-Month High on Earnings Beat

California Resources Co. (NYSE:CRC) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $58.78 and last traded at $58.33, with a volume of 106093 shares changing hands. The stock had previously closed at $53.96.

The oil and gas producer reported $1.50 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 11.27% and a net margin of 7.61%. The business’s revenue was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is 68.89%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRC. Barclays boosted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. Citigroup raised their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Stephens started coverage on California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.50.

Insiders Place Their Bets

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Noelle M. Repetti sold 10,000 shares of the business’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 in the company, valued at approximately $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 in the last ninety days. 0.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. acquired a new position in California Resources in the first quarter valued at $4,847,000. Sei Investments Co. grew its stake in California Resources by 44.7% during the 1st quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock worth $3,950,000 after buying an additional 22,150 shares during the last quarter. SG Americas Securities LLC grew its stake in California Resources by 497.6% during the 1st quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock worth $1,705,000 after buying an additional 25,767 shares during the last quarter. Interval Partners LP purchased a new stake in California Resources in the second quarter valued at approximately $2,213,000. Finally, Empowered Funds LLC boosted its holdings in shares of California Resources by 879.4% in the first quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock valued at $7,882,000 after acquiring an additional 128,445 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Down 0.5 %

The business’s 50-day moving average price is $51.88 and its 200-day moving average price is $50.72. The firm has a market capitalization of $3.84 billion, a PE ratio of 25.23, a price-to-earnings-growth ratio of 1.30 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

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.