California Resources (NYSE:CRC) Shares Up 5.4% – What’s Next?

California Resources Co. (NYSE:CRC) shot up 5.4% during mid-day trading on Tuesday . The stock traded as high as $53.25 and last traded at $53.12. 310,678 shares changed hands during trading, a decline of 64% from the average session volume of 863,310 shares. The stock had previously closed at $50.41.

Analyst Ratings Changes

CRC has been the subject of several research analyst reports. Citigroup raised their price objective 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. UBS Group started coverage on California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. Jefferies Financial Group assumed coverage on California Resources in a research note on Thursday. They issued a “buy” rating and a $64.00 price target on the stock. TD Cowen began coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective for the company. Finally, Stephens began coverage on shares of California Resources in a research note on Tuesday. They set an “overweight” rating and a $73.00 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

California Resources Stock Down 1.6 %

The company’s 50-day moving average is $51.53 and its 200 day moving average is $50.89. The company has a market capitalization of $3.60 billion, a PE ratio of 15.07, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. California Resources’s revenue was down 13.0% on a year-over-year basis. As a group, analysts anticipate that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.3875 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.95%. California Resources’s payout ratio is currently 44.41%.

Insider Buying and Selling at California Resources

In other news, Director Christian S. Kendall acquired 20,895 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other California Resources news, Director Christian S. Kendall bought 20,895 shares of the business’s stock in a transaction that occurred on 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 completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several large investors have recently made changes to their positions in CRC. GAMMA Investing LLC boosted its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the last quarter. Privium Fund Management B.V. purchased a new stake in California Resources during the second quarter valued at approximately $258,000. Hyperion Capital Advisors LP bought a new stake in shares of California Resources in the 1st quarter valued at approximately $275,000. AlphaMark Advisors LLC purchased a new position in shares of California Resources in the 2nd quarter worth approximately $320,000. Finally, Bfsg LLC increased its position in shares of California Resources by 15.4% during the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after purchasing an additional 851 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

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.