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California Resources Corp(CRC-N)

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Chart of the Day: California Resources - Oil & Gas Play

Barchart - Thu Aug 25, 2022

The Chart of the Day belongs to the oil & gas exploration company California Resources (CRC). I found the stock by sorting Barchart's All Time High list first by the most frequent number of new highs in the last month and having a Trend Spotter buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Spotter first signaled a buy on 7/29 the stock gained 13.04%.

CRC California Resources

CRC vs Daily Moving Averages ( )

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities. As of December 31, 2021, it had interests in approximately 1.9 million net mineral acres with proved reserves totaled an estimated 480 million barrels of oil equivalent. The company also engages in the generation and sale of electricity to the local utility and the grid. The company was incorporated in 2014 and is based in Santa Clarita, California. 

Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the website when you read this report.

Barchart Technical Indicators:

  • 56% technical buy signals but increasing
  • 49.00+ Weighted Alpha
  • 66.75% gain in the last year
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 10 new highs and up 22.31% in the last month
  • Relative Strength Index 72.81%
  • Technical support level at 49.88
  • Recently traded at 50.71 with 50 day moving average of 42.65

Fundamental factors:

  • Market Cap $3.76 billion
  • P/E 7.81
  • Dividend yield 1.40%
  • Revenue expected to increase 12.10% this year and another 10.60% next year
  • Earnings estimated to decrease 11.80% this year, but increase next year by 49.10% and continue to compound at an annual rate of 4.00% for the next 5 years

Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:

  • Wall Street analysts have 2 strong buy, 1buy, 1 sell opinions on the stock
  • Analysts price targets from 49.00 to 70.00 with an average of 58.80
  • The individual investors on Motley Fool have not discovered this stock yet
  • 1,080 investors are monitoring the stock on Seeking Alpha

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in CRC, over the next 72 hours.

Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.

Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.