Recent News
On September 15–22, 2025 CRC announced an all‑stock agreement to acquire Berry Corp. for roughly $717 million, offering Berry shareholders a 15% premium and issuing CRC stock such that CRC holders would own about 94% of the combined company; the deal targets early‑2026 close, promises roughly 20,000 barrels per day of additional oil production, adds ~20,000 net acres, and forecasts $80–$90 million of annual synergies within a year.
Technical Analysis
ADX and Directional Indicators: ADX at 32.35 signals a strong directional market structure. DI+ at 24.43 shows a decreasing trend while DI‑ at 18.22 shows an increasing trend, producing a bearish directional bias despite the strong ADX reading; that bias could mute upside from corporate catalysts until DI+ stabilizes.
MACD: MACD sits at 0.67 and falls below the signal line at 1.14 with a decreasing MACD trend, indicating waning bullish momentum; the technical momentum profile does not support an immediate acceleration higher absent a MACD cross above the signal line.
MRO (Momentum/Regression Oscillator): MRO at 3.96 and showing a peak & reversal suggests the price sits above modeled target levels and faces pressure to correct; that condition limits near-term upside potential following the acquisition announcement.
RSI and Short-Term Strength: RSI at 57.21 with a decreasing trend reflects modest bullishness that has lost steam; RSI remains below overbought territory but points toward consolidation or a pullback if selling accelerates.
Price vs Moving Averages and Ichimoku: Closing price $53.61 sits above the 200‑day average $45.91, supporting a constructive longer-term valuation narrative, while the price trades slightly below the 20‑day average $54.43, signaling short-term pressure. The 12‑day EMA shows a dip & reversal pattern consistent with a recent bounce, and Ichimoku lines (Tenkan 54.38 above Kijun 53.62) imply short‑term strength that conflicts with broader bearish momentum, suggesting mixed near‑term forces around the acquisition catalyst.
Fundamental Analysis
Profitability and Margins: EBIT $267,000,000 and EBITDA $395,000,000 underpin an EBIT margin of 32.72%. That EBIT margin sits above the industry peer mean of 17.19%. EBIT margin expanded QoQ by 55.81% and widened YoY by 483.16%, supporting the valuation case and reinforcing free cash generation expectations tied to operational efficiency.
Earnings and Cash Flow: Reported EPS $1.10 versus an estimate $0.92 produced an EPS surprise of 19.57%, which reinforces recent earnings strength. Free cash flow $165,000,000 yields 4.20%, above the industry peer mean free cash flow yield of 1.26%, while free cash flow to net income stands at 95.93%, indicating strong conversion of earnings into cash available for deleveraging or capital deployment.
Capital Structure and Leverage: Total debt $1,092,000,000 produces net debt $938,000,000 and a debt‑to‑assets ratio of 16.27%, below the industry peer mean of 23.62%; debt‑to‑equity at 32.05% stays well under the industry peer mean of 72.60%. Interest coverage at 10.68 provides sizable buffer on interest expense. Pro forma effects of the Berry acquisition and stated intent to refinance or keep leverage below 1.0x will materially determine near‑term credit flexibility.
Liquidity and Working Capital: Current ratio 0.78 and quick ratio 0.68 sit beneath the industry peer means (current ratio mean ~1.20, quick ratio mean ~0.94), reflecting tighter near‑term liquidity that merits monitoring as integration and seasonal cash flows evolve. Cash and short‑term investments $72,000,000 plus operating cash flow $165,000,000 provide runway but working capital remains negative $200,000,000.
Growth and Returns: Revenue totaled $816,000,000. YoY revenue growth and QoQ metrics show mixed signals: revenue growth QoQ equals 259.38% and revenue growth YoY equals 154.44% (values reported), but trailing revenueGrowth reads -9.33%, which highlights variability across reporting windows and the material impact of recent deals and operational adjustments. Return on equity 5.05% and return on assets 2.54% sit above respective industry peer means (ROE mean ~2.85%, ROA mean ~1.20%), supporting the WMDST valuation stance.
Valuation: WMDST values the stock as under‑valued. Current P/E 41.78 and P/B 1.15 sit below the industry peer mean P/E 52.01 and slightly below the industry peer mean P/B 1.55, while enterprise multiple 12.53 and free cash flow yield 4.20% provide a valuation profile consistent with an under‑valued classification given CRC’s margin expansion and above‑peer cash conversion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 214.0 M |
| Operating Cash Flow | $ 165.0 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -56.00 M | |
| Dividends Paid | $ -35.00 M | |
| Cash Flow Delta | $ -142.00 M | |
| End Period Cash Flow | $ 72.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 816.0 M | |
| Forward Revenue | $ 111.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 469.0 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 708.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 347.0 M | |
| EBITDA | $ 395.0 M | |
| EBIT | $ 267.0 M | |
| Operating Income | $ 108.0 M | |
| Interest Income | $ 5.0 M | |
| Interest Expense | $ 25.0 M | |
| Net Interest Income | $ -20.00 M | |
| Income Before Tax | $ 242.0 M | |
| Tax Provision | $ 70.0 M | |
| Tax Rate | 28.926 % | |
| Net Income | $ 172.0 M | |
| Net Income From Continuing Operations | $ 172.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.92 | |
| EPS Actual | $ 1.10 | |
| EPS Difference | $ 0.18 | |
| EPS Surprise | 19.565 % | |
| Forward EPS | $ 1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 3.4 B | |
| Total Current Assets | $ 728.0 M | |
| Cash and Short-Term Investments | $ 72.0 M | |
| Cash | $ 72.0 M | |
| Net Receivables | $ 297.0 M | |
| Inventory | $ 93.0 M | |
| Long-Term Investments | $ 53.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 329.0 M | |
| Short-Term Debt | $ 122.0 M | |
| Total Current Liabilities | $ 928.0 M | |
| Net Debt | $ 938.0 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 3.3 B | |
| EQUITY | ||
| Total Equity | $ 3.4 B | |
| Retained Earnings | $ 1.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 40.71 | |
| Shares Outstanding | 83.680 M | |
| Revenue Per-Share | $ 9.75 | |
| VALUATION | Market Capitalization | $ 3.9 B |
| Enterprise Value | $ 4.9 B | |
| Enterprise Multiple | 12.531 | |
| Enterprise Multiple QoQ | -11.2 % | |
| Enterprise Multiple YoY | -56.508 % | |
| Enterprise Multiple IPRWA | high: 75.659 mean: 30.381 median: 28.835 CRC: 12.531 low: -7.608 |
|
| EV/R | 6.066 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.97 | |
| Asset To Liability | 2.031 | |
| Debt To Capital | 0.243 | |
| Debt To Assets | 0.163 | |
| Debt To Assets QoQ | 1.339 % | |
| Debt To Assets YoY | 3746.099 % | |
| Debt To Assets IPRWA | high: 0.609 mean: 0.236 median: 0.212 CRC: 0.163 low: 0.002 |
|
| Debt To Equity | 0.321 | |
| Debt To Equity QoQ | 2.823 % | |
| Debt To Equity YoY | 3361.339 % | |
| Debt To Equity IPRWA | high: 1.807 mean: 0.726 median: 0.442 CRC: 0.321 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.153 | |
| Price To Book QoQ | 11.608 % | |
| Price To Book YoY | -29.257 % | |
| Price To Book IPRWA | high: 3.756 median: 1.768 mean: 1.552 CRC: 1.153 low: 0.005 |
|
| Price To Earnings (P/E) | 41.78 | |
| Price To Earnings QoQ | 9.705 % | |
| Price To Earnings YoY | -49.145 % | |
| Price To Earnings IPRWA | high: 185.623 mean: 52.008 median: 48.382 CRC: 41.78 low: -96.671 |
|
| PE/G Ratio | -3.29 | |
| Price To Sales (P/S) | 4.816 | |
| Price To Sales QoQ | 19.28 % | |
| Price To Sales YoY | -28.173 % | |
| Price To Sales IPRWA | high: 30.921 mean: 6.058 median: 5.84 CRC: 4.816 low: 0.012 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 38.551 | |
| Forward PE/G | -3.036 | |
| Forward P/S | 35.354 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -4.422 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.121 | |
| Asset Turnover Ratio QoQ | -6.5 % | |
| Asset Turnover Ratio YoY | 1.456 % | |
| Asset Turnover Ratio IPRWA | high: 0.422 median: 0.165 mean: 0.154 CRC: 0.121 low: 0.002 |
|
| Receivables Turnover | 2.698 | |
| Receivables Turnover Ratio QoQ | -4.388 % | |
| Receivables Turnover Ratio YoY | -0.803 % | |
| Receivables Turnover Ratio IPRWA | high: 6.047 CRC: 2.698 mean: 1.939 median: 1.804 low: 0.322 |
|
| Inventory Turnover | 5.098 | |
| Inventory Turnover Ratio QoQ | -9.003 % | |
| Inventory Turnover Ratio YoY | 14.293 % | |
| Inventory Turnover Ratio IPRWA | high: 23.002 CRC: 5.098 mean: 3.297 median: 2.469 low: 0.051 |
|
| Days Sales Outstanding (DSO) | 33.827 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -9.818 | |
| Cash Conversion Cycle Days QoQ | -110.929 % | |
| Cash Conversion Cycle Days YoY | -57.973 % | |
| Cash Conversion Cycle Days IPRWA | high: 82.233 median: 6.538 mean: 2.352 CRC: -9.818 low: -110.2 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -4.08 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.3 B | |
| Net Invested Capital | $ 4.4 B | |
| Invested Capital | $ 4.4 B | |
| Net Tangible Assets | $ 3.4 B | |
| Net Working Capital | $ -200.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.078 | |
| Current Ratio | 0.784 | |
| Current Ratio QoQ | -5.647 % | |
| Current Ratio YoY | -67.672 % | |
| Current Ratio IPRWA | high: 5.453 median: 1.249 mean: 1.198 CRC: 0.784 low: 0.329 |
|
| Quick Ratio | 0.684 | |
| Quick Ratio QoQ | -7.121 % | |
| Quick Ratio YoY | -70.66 % | |
| Quick Ratio IPRWA | high: 3.791 mean: 0.939 median: 0.919 CRC: 0.684 low: 0.247 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.765 | |
| Cost Of Debt | 1.624 % | |
| Interest Coverage Ratio | 10.68 | |
| Interest Coverage Ratio QoQ | 52.571 % | |
| Interest Coverage Ratio YoY | 548.428 % | |
| Interest Coverage Ratio IPRWA | high: 22.447 CRC: 10.68 mean: 6.954 median: 6.558 low: -20.714 |
|
| Operating Cash Flow Ratio | 0.183 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 60.203 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.914 | |
| Dividend Payout Ratio | 0.203 | |
| Dividend Rate | $ 0.42 | |
| Dividend Yield | 0.009 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.684 % | |
| Revenue Growth | -9.333 % | |
| Revenue Growth QoQ | 259.376 % | |
| Revenue Growth YoY | 154.444 % | |
| Revenue Growth IPRWA | high: 43.755 % median: -3.774 % mean: -5.013 % CRC: -9.333 % low: -35.032 % |
|
| Earnings Growth | -12.698 % | |
| Earnings Growth QoQ | -172.222 % | |
| Earnings Growth YoY | -36.51 % | |
| Earnings Growth IPRWA | high: 122.222 % CRC: -12.698 % median: -21.739 % mean: -23.7 % low: -180.0 % |
|
| MARGINS | ||
| Gross Margin | 42.525 % | |
| Gross Margin QoQ | -2.615 % | |
| Gross Margin YoY | -2.66 % | |
| Gross Margin IPRWA | high: 82.166 % CRC: 42.525 % mean: 24.862 % median: 22.581 % low: -39.892 % |
|
| EBIT Margin | 32.721 % | |
| EBIT Margin QoQ | 55.814 % | |
| EBIT Margin YoY | 483.158 % | |
| EBIT Margin IPRWA | high: 95.08 % CRC: 32.721 % mean: 17.186 % median: 13.652 % low: -39.515 % |
|
| Return On Sales (ROS) | 13.235 % | |
| Return On Sales QoQ | -36.976 % | |
| Return On Sales YoY | 135.876 % | |
| Return On Sales IPRWA | high: 90.781 % mean: 13.921 % CRC: 13.235 % median: 11.212 % low: -39.515 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 165.0 M | |
| Free Cash Flow Yield | 4.199 % | |
| Free Cash Flow Yield QoQ | -17.972 % | |
| Free Cash Flow Yield YoY | 44.843 % | |
| Free Cash Flow Yield IPRWA | high: 8.634 % CRC: 4.199 % median: 1.276 % mean: 1.258 % low: -11.931 % |
|
| Free Cash Growth | -11.29 % | |
| Free Cash Growth QoQ | 16.284 % | |
| Free Cash Growth YoY | -198.225 % | |
| Free Cash Growth IPRWA | high: 300.833 % CRC: -11.29 % mean: -16.331 % median: -24.008 % low: -616.098 % |
|
| Free Cash To Net Income | 0.959 | |
| Cash Flow Margin | 20.833 % | |
| Cash Flow To Earnings | 0.988 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.541 % | |
| Return On Assets QoQ | 54.281 % | |
| Return On Assets YoY | 1237.368 % | |
| Return On Assets IPRWA | high: 4.797 % CRC: 2.541 % mean: 1.195 % median: 0.982 % low: -3.385 % |
|
| Return On Capital Employed (ROCE) | 4.616 % | |
| Return On Equity (ROE) | 0.05 | |
| Return On Equity QoQ | 54.326 % | |
| Return On Equity YoY | 1194.359 % | |
| Return On Equity IPRWA | high: 0.111 CRC: 0.05 mean: 0.029 median: 0.027 low: -0.087 |
|
| DuPont ROE | 4.969 % | |
| Return On Invested Capital (ROIC) | 4.296 % | |
| Return On Invested Capital QoQ | 44.939 % | |
| Return On Invested Capital YoY | -312.673 % | |
| Return On Invested Capital IPRWA | high: 6.932 % CRC: 4.296 % mean: 2.632 % median: 2.373 % low: -4.078 % |
|