California Resources Corp (CRC) Gets a Buy from Stifel Nicolaus
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California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.
California Resources trades on the NYSE stock market under the symbol CRC.
As of March 28, 2024, CRC stock price climbed to $55.10 with 670,704 million shares trading.
CRC has a beta of 0.68, meaning it tends to be less sensitive to market movements. CRC has a correlation of 0.07 to the broad based SPY ETF.
CRC has a market cap of $3.79 billion. This is considered a Mid Cap stock.
Last quarter California Resources reported $726 million in Revenue and $.93 earnings per share. This beat revenue expectation by $194 million and exceeded earnings estimates by $.02.
In the last 3 years, CRC stock traded as high as $58.44 and as low as $21.79.
The top ETF exchange traded funds that CRC belongs to (by Net Assets): IJR, RDVY, CALF, VTI, IWM.
CRC has outperformed the market in the last year with a price return of +48.5% while the SPY ETF gained +33.6%. However, in the short term, CRC had mixed performance relative to the market. It has underperformed in the last 3 months, returning -0.8% vs +10.1% return in SPY. But in the last 2 weeks, CRC shares have fared better than the market returning +3.9% compared to SPY +1.7%.
CRC support price is $53.60 and resistance is $56.26 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CRC stock will trade within this expected range on the day.