California Resources (NYSE:CRC) Sets New 52-Week Low – Here’s What Happened

Shares of California Resources Co. (NYSE:CRC) hit a new 52-week low on Tuesday . The company traded as low as $41.50 and last traded at $51.37, with a volume of 146 shares traded. The stock had previously closed at $51.09.

Analyst Ratings Changes

Several analysts recently weighed in on CRC shares. Stephens initiated coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. Jefferies Financial Group began coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price for the company. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, TD Cowen raised their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three 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 company’s stock. Based on data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $67.25.

California Resources Stock Performance

The firm’s 50-day simple moving average is $53.91 and its two-hundred day simple moving average is $52.56. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $4.67 billion, a PE ratio of 8.05, a P/E/G ratio of 1.09 and a beta of 1.05.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. As a group, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

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

Insider Activity

In other California Resources 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 transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the 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 transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its stake in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after purchasing an additional 55,815 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of California Resources by 8.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after purchasing an additional 75,606 shares during the period. Private Management Group Inc. lifted its holdings in shares of California Resources by 0.3% during the 3rd quarter. Private Management Group Inc. now owns 796,610 shares of the oil and gas producer’s stock valued at $41,798,000 after acquiring an additional 2,651 shares in the last quarter. Finally, DAVENPORT & Co LLC grew its position in California Resources by 3.7% in the fourth quarter. DAVENPORT & Co LLC now owns 731,712 shares of the oil and gas producer’s stock valued at $37,969,000 after acquiring an additional 26,026 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.