California Resources (NYSE:CRC) Reaches New 1-Year High Following Earnings Beat

Shares of California Resources Co. (NYSE:CRC) 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 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. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same period in the prior year, the firm posted $1.02 EPS. The company’s quarterly revenue was up 194.1% on a year-over-year basis.

California Resources Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Citigroup upped their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Jefferies Financial Group began coverage on California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Stephens initiated coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. Finally, Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The trade was a 500.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. The trade was 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 insiders.

Institutional Investors Weigh In On California Resources

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares in the last quarter. KBC Group NV lifted its holdings in 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 acquiring an additional 431 shares during the period. Farther Finance Advisors LLC boosted its position in California Resources by 9.4% in the third 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 during the last quarter. Atria Investments Inc bought a new position in California Resources in the 3rd quarter valued at $209,000. Finally, Privium Fund Management B.V. purchased a new stake in shares of California Resources during the 2nd quarter valued at $258,000. 97.79% of the stock is owned by institutional investors.

California Resources Stock Up 5.3 %

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

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.