California Resources (NYSE:CRC) Reaches New 12-Month High – Time to Buy?

California Resources Corporation (NYSE:CRC)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.30 and last traded at $58.8590, with a volume of 15712 shares. The stock had previously closed at $57.94.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Barclays set a $65.00 price target on California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Mizuho raised their price target on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.90.

California Resources Trading Up 2.1%

The stock has a market cap of $4.95 billion, a price-to-earnings ratio of 13.75 and a beta of 1.15. The firm’s 50 day moving average is $49.06 and its two-hundred day moving average is $49.33. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26.

Hedge Funds Weigh In On California Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. lifted its stake in shares of California Resources by 4.3% in the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock worth $209,000 after acquiring an additional 195 shares during the period. Quadrant Capital Group LLC increased its position in shares of California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after purchasing an additional 214 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 219 shares during the period. Clearstead Advisors LLC boosted its stake in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 226 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its holdings in California Resources by 4.4% during the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after acquiring an additional 230 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.