California Resources (NYSE:CRC) Stock Price Up 5.4% - Time to Buy?

California Resources Co. (NYSE:CRC - Get Free Report)'s stock price 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 were traded during mid-day trading, a decline of 64% from the average session volume of 863,310 shares. The stock had previously closed at $50.41.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRC. TD Cowen started coverage on California Resources in a research report on Friday, August 2nd. They issued a "buy" rating and a $65.00 price objective for the company. Citigroup lifted their price objective on California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. Bank of America raised California Resources from a "neutral" rating to a "buy" rating and raised their price target for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. UBS Group initiated coverage on California Resources in a research note on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective on the stock. Finally, Stephens assumed coverage on California Resources in a research note on Tuesday. They issued 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 eight have issued a buy rating to the company. According to MarketBeat, California Resources has an average rating of "Moderate Buy" and an average price target of $65.67.

California Resources Stock Up 6.1 %

The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average of $51.36 and a two-hundred day moving average of $50.89.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business's revenue was down 13.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 EPS. As a group, sell-side analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.3875 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from California Resources's previous quarterly dividend of $0.31. California Resources's dividend payout ratio (DPR) is currently 44.41%.

Insider Buying and Selling

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Christian S. Kendall acquired 20,895 shares of the firm's stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the business'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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings 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 worth $51,000 after acquiring an additional 371 shares in the last quarter. Privium Fund Management B.V. bought a new stake in California Resources during the second quarter worth about $258,000. Hyperion Capital Advisors LP bought a new stake in California Resources during the first quarter worth about $275,000. AlphaMark Advisors LLC bought a new stake in California Resources during the second quarter worth about $320,000. Finally, Shell Asset Management Co. raised its stake in California Resources by 99.8% in the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer's stock valued at $348,000 after buying an additional 3,153 shares during the period. 97.79% of the stock is currently 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.