California Resources (NYSE:CRC) Hits New 1-Year Low – Here’s What Happened

California Resources Co. (NYSE:CRC)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $41.50 and last traded at $51.37, with a volume of 146 shares trading hands. The stock had previously closed at $51.09.

Analysts Set New Price Targets

A number of research firms have recently commented on CRC. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Jefferies Financial Group started coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. Barclays boosted their price objective on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Finally, UBS Group assumed coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average price target of $67.25.

California Resources Stock Up 0.2 %

The company has a fifty day moving average price of $54.18 and a 200 day moving average price of $52.58. The company has a market cap of $4.68 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.09 and a beta of 1.05. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. As a group, analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 3.03%. California Resources’s payout ratio is currently 24.41%.

Insider Activity at California Resources

In related news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by company insiders.

Institutional Trading of California Resources

A number of institutional investors have recently made changes to their positions in CRC. R Squared Ltd bought a new stake in California Resources during the fourth quarter valued at approximately $31,000. GAMMA Investing LLC increased its stake in shares of California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares in the last quarter. Point72 DIFC Ltd purchased a new position in California Resources in the 3rd quarter worth approximately $70,000. Finally, Blue Trust Inc. boosted its position in shares of California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock worth $88,000 after acquiring an additional 1,410 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, 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.