California Resources (NYSE:CRC) Hits New 52-Week High After Earnings Beat

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

The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company 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% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.73%. California Resources’s dividend payout ratio is currently 68.89%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRC. Barclays raised their target price on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group initiated coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. TD Cowen initiated coverage on California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Stephens initiated coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target for the company. Finally, UBS Group began coverage on California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Insider Buying and Selling

In other news, Director Christian S. Kendall bought 20,895 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares in the company, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC lifted its stake in shares of California Resources by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after acquiring an additional 253 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares in the last quarter. GAMMA Investing LLC raised its position in California Resources by 61.5% in 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. Louisiana State Employees Retirement System boosted its stake in shares of California Resources by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after purchasing an additional 400 shares in the last quarter. Finally, KBC Group NV grew 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 worth $100,000 after purchasing an additional 431 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

The company has a 50 day moving average price of $51.79 and a 200-day moving average price of $50.68. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57.

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.