California Resources (NYSE:CRC) Share Price Breaks Above 50-Day Moving Average - What's Next?

Key Points

• California Resources shares rose above their 50-day moving average, reaching $54.18 before last trading at $53.52, while remaining below the 200-day average of $57.21.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $74.44; individual targets range from $68 to $70.
• The company reported quarterly revenue growth of 33% year over year but missed EPS estimates, and it continues to pay a $0.405 quarterly dividend, representing a 3.0% annualized yield.

Shares of California Resources Corporation (NYSE:CRC - Get Free Report) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $53.33 and traded as high as $54.18. California Resources shares last traded at $53.52, with a volume of 452,202 shares.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRC. Zacks Research raised California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Stifel Nicolaus began coverage on California Resources in a research note on Thursday, September 10th. They issued a "buy" rating and a $68.00 price target for the company. Citigroup lowered their price target on California Resources from $78.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. UBS Group restated a "buy" rating and issued a $68.00 price objective (down from $73.00) on shares of California Resources in a report on Monday. Finally, Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, California Resources currently has a consensus rating of "Moderate Buy" and an average target price of $74.44.

California Resources Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The firm's 50 day moving average is $53.33 and its 200-day moving average is $57.21. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -39.35 and a beta of 1.02.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company's revenue for the quarter was up 33.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 earnings per share. Sell-side analysts anticipate that California Resources Corporation will post 3.89 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.4050 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. California Resources's payout ratio is currently -119.12%.

Insider Activity

In other news, EVP Jay Bys sold 11,907 shares of the company's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president owned 135,610 shares in the company, valued at approximately $7,322,940. This represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. boosted its holdings in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after buying an additional 440 shares during the period. Valued Wealth Advisors LLC acquired a new position in California Resources in the 1st quarter valued at $29,000. EMC Capital Management acquired a new position in California Resources in the 4th quarter valued at $42,000. Integrated Wealth Concepts LLC acquired a new position in California Resources in the 2nd quarter valued at $109,000. Finally, Farther Finance Advisors LLC raised its holdings in California Resources by 56.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer's stock worth $110,000 after acquiring an additional 755 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

California Resources Corporation NYSE: CRC is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California's energy and environmental objectives.

CRC's operations are concentrated in California, with assets spanning several of the state's major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.

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