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

Shares of California Resources Co. (NYSE:CRC) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $35.41 and last traded at $34.99, with a volume of 147452 shares trading hands. The stock had previously closed at $40.58.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRC. Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective for the company. Barclays dropped their price objective on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 target price on shares of California Resources in a research note on Thursday, March 27th. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price target for the company. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.92.

California Resources Trading Down 14.3 %

The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.15 billion, a PE ratio of 5.48, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. The stock’s 50 day moving average is $45.26 and its two-hundred day moving average is $50.88.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. As a group, sell-side analysts predict that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were paid a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.45%. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in California Resources in the fourth quarter worth about $1,475,000. GF Fund Management CO. LTD. purchased a new position in shares of California Resources in the 4th quarter valued at approximately $1,145,000. GTS Securities LLC acquired a new stake in California Resources in the 4th quarter worth approximately $669,000. Sourcerock Group LLC grew its position in California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock worth $56,298,000 after purchasing an additional 65,981 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in California Resources by 22.5% during the 4th quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock valued at $1,313,000 after purchasing an additional 4,647 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

About California Resources

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.