California Resources Corporation (NYSE: CRC) stock jumped 1.77% on Thursday to $58.00 against a previous-day closing price of $56.99. With 0.55 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.96 million shares. During the session, the Oil & Gas E&P company that operates in wider Energy sector, reached to the highest price of $58.15 whereas the lowest price it dropped to was $57.65. The 52-week range on CRC shows that it touched its highest point at $57.67 and its lowest point at $34.02 during that stretch. It currently has a 1-year price target of $63.00. With its current market cap of 3.93 billion, CRC has annualized dividend of $1.13 while the current yield stands at 1.95%. Beta for the stock currently stands at 1.68.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CRC was up-trending over the past week, with a rise of 3.68%, but this was up by 5.70% over a month. Three-month performance surged to 37.31% while six-month performance rose 60.93%. The stock gained 34.10% in the past year, while it has gained 33.30% so far this year. A look at the trailing 12-month EPS for CRC yields 12.14 with Next year EPS estimates of 5.48. For the next quarter, that number is 0.90. This implies an EPS growth rate of -8.40% for this year and 10.66% for next year. EPS is expected to grow by 7.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 25.20%.
Float and Shares Shorts:
At present, 69.70 million CRC shares are outstanding with a float of 68.48 million shares on hand for trading. On Aug 30, 2023, short shares totaled 6.19 million, which was 8.98% higher than short shares on Jul 30, 2023. In addition to Mr. Francisco J. Leon as the firm’s CEO, Pres & Director, Mr. Michael L. Preston serves as its Exec. VP, Chief Strategy Officer & Gen. Counsel.
Through their ownership of 100.28% of CRC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 52.18% of CRC, in contrast to 37.27% held by mutual funds. Shares owned by individuals account for 24.21%. As the largest shareholder in CRC with 14.84% of the stake, BlackRock Fund Advisors holds 10,468,634 shares worth 10,468,634. A second-largest stockholder of CRC, The Vanguard Group, Inc., holds 7,924,242 shares, controlling over 11.23% of the firm’s shares. Fidelity Management & Research Co is the third largest shareholder in CRC, holding 3,681,545 shares or 5.22% stake. With a 7.07% stake in CRC, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 4,986,530 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.08% of CRC stock, is the second-largest Mutual Fund holder. It holds 2,174,839 shares valued at 116.03 million. Vanguard Small Cap Index Fund holds 2.59% of the stake in CRC, owning 1,829,726 shares worth 97.62 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CRC reported revenue of $847.00M and operating income of $376.00M. The EBITDA in the recently reported quarter was $377.00M and diluted EPS was $2.41.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CRC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CRC analysts setting a high price target of $68.00 and a low target of $50.00, the average target price over the next 12 months is $61.14. Based on these targets, CRC could surge 17.24% to reach the target high and fall by -13.79% to reach the target low. Reaching the average price target will result in a growth of 5.41% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded CRC stock several times over the past three months with 3 Buys and 1 Sells. In these transactions, 49,793 shares were bought while 13,875 shares were sold. The number of buy transactions has increased to 25 while that of sell transactions has risen to 10 over the past year. The total number of shares bought during that period was 665,927 while 140,645 shares were sold.