California Resources (NYSE:CRC) Sets New 1-Year High – Should You Buy?

California Resources Corporation (NYSE:CRC)’s share price reached a new 52-week high on Monday . The stock traded as high as $65.80 and last traded at $65.73, with a volume of 197635 shares changing hands. The stock had previously closed at $64.74.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. TD Cowen upgraded California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Barclays lifted their target price on California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Wells Fargo & Company lifted their price objective on shares of California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. Finally, Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.90.

California Resources Trading Up 2.5%

The company’s fifty day moving average is $52.71 and its two-hundred day moving average is $50.37. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 16.26 and a beta of 1.11.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. During the same quarter last year, the firm earned $0.91 EPS. The company’s revenue was up 5.4% on a year-over-year basis. On average, research analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a $0.405 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.4%. California Resources’s dividend payout ratio (DPR) is currently 39.71%.

Insider Activity

In other news, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president owned 7,684 shares in the company, valued at approximately $489,547.64. This represents a 52.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its position in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after buying an additional 159,708 shares during the last quarter. Principal Financial Group Inc. boosted its stake in California Resources by 23.9% in the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock valued at $24,924,000 after acquiring an additional 90,466 shares in the last quarter. Channing Capital Management LLC purchased a new position in shares of California Resources during the third quarter worth about $6,205,000. Clayton Partners LLC lifted its holdings in shares of California Resources by 35.2% in the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock valued at $7,238,000 after purchasing an additional 35,461 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in shares of California Resources in the 3rd quarter valued at about $2,200,000. 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 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.