California Resources (NYSE:CRC) Sets New 1-Year High – Should You Buy?

California Resources Corporation (NYSE:CRC) reached a new 52-week high during trading on Thursday . The company traded as high as $59.30 and last traded at $58.8590, with a volume of 15712 shares traded. The stock had previously closed at $57.94.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRC. Mizuho increased their price objective on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Barclays set a $65.00 price target on California Resources and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research report on Monday, January 5th. Finally, UBS Group set a $63.00 price target on shares of California Resources and gave the company a “buy” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Stock Up 2.1%

The business’s 50 day simple moving average is $49.06 and its 200-day simple moving average is $49.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 13.75 and a beta of 1.15.

Institutional Investors Weigh In On California Resources

Institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in California Resources by 200.7% in the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after buying an additional 1,564,866 shares during the last quarter. Channing Capital Management LLC grew its position in California Resources by 1,263.4% in the fourth quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer’s stock worth $71,121,000 after acquiring an additional 1,474,037 shares in the last quarter. Sourcerock Group LLC increased its stake in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares during the last quarter. Invesco Ltd. lifted its stake in shares of California Resources by 155.8% in the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after purchasing an additional 647,190 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in California Resources by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after purchasing an additional 632,170 shares in the last quarter. 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 exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.