California Resources Corporation (NYSE:CRC) is one of the stocks that are grabbing investor focus today: sinking -5.25% or (-0.48 points) to $8.58 from its previous close of $9.06. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 446229 contracts so far this session. CRC shares had a relatively better volume day versus average trading capacity of 4.02 million shares, but with a 0 million float and a 62.08% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CRC stock indicates that the average analyst price target is $24.36 per share. This means the stock has a potential increase of 183.92% from where the CRC share price has been trading recently which is between $8.75 and $9.3. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $7.5. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $35.
During the recent trading session for California Resources Corporation (NYSE:CRC), the company witnessed their stock rise $0.18 over a week and tumble down $-0.28 from the price 20 days ago. When compared to their established 52-week high of $30.18, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/04/19. The recent low of $4.68 stood for a -71.56% since 10/31/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 4.43 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for CRC is set at $19, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for California Resources Corporation, the two-week RSI stands at 50.04. This figure suggests that CRC stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CRC readings is similarly very revealing as it has a stochastic reading of 72.49% at this stage. This figure means that CRC share price today is being oversold.
Technical chart claims that California Resources Corporation (CRC) would settle between $9.32/share to $9.59/share level. However, if the stock price goes below the $8.77 mark, then the market for California Resources Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $8.49 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.69. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Raymond James raised their recommendation on shares of CRC from Mkt Perform to Outperform in their opinion released on May 13. Goldman analysts have lowered their rating of California Resources Corporation (NYSE:CRC) stock from Neutral to Sell in a separate flash note issued to investors on April 12. Analysts at Mizuho, made their first call for the equity with a Buy recommendation, according to a research note that dated back to March 29.
CRC equity has an average rating of 2.18, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 6 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 5 analysts rated California Resources Corporation (NYSE:CRC) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, CRC stock price is currently trading at 4.76X forward 12-month Consensus EPS estimates, and its P/E ratio is 1.1 while for the average stock in the same group, the multiple is 13.3. California Resources Corporation current P/B ratio of 0 means it is trading at a discount against its industry’s 1.2.
California Resources Corporation (CRC)’s current-quarter revenues are projected to climb by nearly -43.7% to hit $606480, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -18.8% from $3.06 billion to a noteworthy $2.49 billion. At the other end of the current quarter income statement, California Resources Corporation is expected to see its adjusted earnings surge by roughly -132.1% to hit $-0.17 per share. For the fiscal year, CRC’s earnings are projected to climb by roughly 61.4% to hit $2.05 per share.