California Resources (NYSE:CRC) Reaches New 12-Month High Following Better-Than-Expected Earnings

California Resources Co. (NYSE:CRC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock 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, topping 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 firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. During the same quarter last year, the company earned $1.02 earnings per share. The company's revenue for the quarter was up 194.1% compared to the same quarter last year.

California Resources Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Citigroup upped their target price 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. Jefferies Financial Group assumed coverage on shares of California Resources in a report on Thursday, October 24th. They set a "buy" rating and a $64.00 price objective for the company. TD Cowen assumed coverage on California Resources in a report on Friday, August 2nd. They issued a "buy" rating and a $65.00 target price on the stock. Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 price target on the stock. Finally, Bank of America upgraded 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 report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.50.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred 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 completion of the sale, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Christian S. Kendall bought 20,895 shares of the firm's stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Noelle M. Repetti sold 10,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 17,301 shares of the company's stock, valued at $916,953. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently made changes to their positions in CRC. Lazard Asset Management LLC raised its position in shares of California Resources by 3.7% during the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer's stock worth $390,000 after purchasing an additional 253 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of 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 valued at $169,000 after buying an additional 276 shares during the period. GAMMA Investing LLC increased its position in shares of California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 371 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of California Resources by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer's stock worth $1,719,000 after acquiring an additional 400 shares during the period. Finally, KBC Group NV lifted its position in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock valued at $100,000 after acquiring an additional 431 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Up 5.3 %

The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.98. The business has a 50-day simple moving average of $51.79 and a two-hundred day simple moving average 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.

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.