What’s Up With All The Volatility in California Resources Corporation (CRC)?

Looking into the technicals, California Resources Corporation (NYSE:CRC) has scored 48% Buy indication. The stock is also flashing a Buy from the Barchart TrendSpotter trading system. Traders hoping to speculate on the CRC’s short-term trajectory should know that short terms indicators for the stock averaged 80% Buy with an average daily trading volume over the past 20 days at 2338470 shares. CRC stock has overall a 0% Hold signal considering medium term indicators and the 50-day average daily volume remained almost 2141966 shares. It’s also worth noting that the stock, whose average daily volume over the 100 days prior to this writing was 2271118 shares, is 33% Buy on the basis of long term indicators.

The share price is currently staying around the first support level of $23.29. Below this, the next support is placed in the zone of $22.62. Till the time, the CRC stock trades above this level, bulls have nothing to fear. On momentum oscillators front, ‘RSI’ has touched 60.45 on daily chart, which may remain a cause for concern. If the price breaks below $22.62 level on closing basis, then we may see more profit booking and the stock may show further weakness. On the flipside, hitting the $24.6 mark may result into a pull-back move towards $25.24 level.

California Resources Corporation (CRC) is projected to climb by 36.69 percent over the next 12 months, according to price target estimates compiled by finviz. Meanwhile, they have set a $45-month high price target. This represents a whopping 87.81 percent increase from where shares are trading today. The 12-month median price target assigned by the analysts stands at $27.25, which represents a return potential of 13.73 percent when compared to the closing price of the stock of $23.96 on Thursday, March 14. The lowest price target for the stock is $19 — slightly more than -20.7 percent from CRC’s current share price.

Here’s a rundown of insider trading activity for sense of California Resources Corporation (NYSE:CRC).

CRC shares dropped 0 points or 0 percent on Thursday to $23.96 with a heavy trade volume of 2.405 million shares. After opening the session at $23.47, the shares went as high as $24.5699 and as low as $23.26, the range within which the stock’s price traded throughout the day. The firm is left with a market cap of $1.27 billion and now has 53.11 million shares outstanding. California Resources Corporation (CRC) stock has gained 31.29 percent of market value in 21 trading days.

Analysts at BofA/Merrill cut their rating on shares of California Resources Corporation (NYSE:CRC) from Buy to Neutral in their opinion released on January 04. Analysts at Imperial Capital are sticking to their Outperform recommendation. However, on May 17, they lifted target price for these shares to $41 from $35. Analysts at Imperial Capital, made their first call for the stock with a Outperform rating, according to a research note that dated back to May 17.

CRC stock has a trailing 3-year beta of 4.85, offering the possibility of a higher rate of return, but also posing more risk. The portion of a company’s profit allocated to each outstanding share of common stock was $6.57 a share in the trailing twelve months. The stock’s value has surged 40.61 percent year to date (YTD) against a rise of 67.44 percent in 12 month’s time. The company’s shares still trade -52.4 percent away from its 1-year high of $50.34 and 77.74 percent up from 52-week low of $13.48. The average consensus rating on the company is 2.6, on a scale where 5 equates to a unanimous sell rating. In short, the mean analyst recommendations are calling this stock a sell.

Shares of California Resources Corporation (CRC) are trading at a P/E ratio of 3.65 times earnings reported for the past 12 months. The industry CRC operates in has an average P/E of 4.75. Its P/E ratio went as low as 2.52X and as high as 3.15 over the 5-year span. Further, it is sporting a 0.42 on the Price-to-Sales ratio. Compare this with the industry average P/S of 81.54. 70.2 percent is the gross profit margin for California Resources Corporation and operating margin sits at 27 percent. Along with this, the net profit margin is 10.4 percent.

CRC will be declaring its Q1 financial results. Analysts are forecasting revenue to climb 0.6 percent to $613M in the next fiscal quarter, while earnings are seen soaring by nearly -405.56 percent to -$0.55 per share. History has shown that shares in California Resources Corporation have gone down on 8 different earnings reaction days and are predicted to add 0.09 percent when the company reports upcoming earnings. In last reported earnings results, it earned $0.53 per share, better than the -$0.02, adjusted, expected by Thomson Reuters consensus estimate. Revenue was $1.08B, better than the $656M analysts expected. Earnings are estimated to increase by 208.2 percent this year, 67.24 percent next year and continue to increase by 0 percent annually for the next 5 years.