California Resources (NYSE:CRC) Sets New 52-Week Low Following Analyst Downgrade

California Resources Co. (NYSE:CRC)’s share price reached a new 52-week low during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $64.00 to $50.00. Bank of America currently has a buy rating on the stock. California Resources traded as low as $34.09 and last traded at $34.51, with a volume of 764753 shares. The stock had previously closed at $35.22.

CRC has been the subject of a number of other reports. Citigroup lowered California Resources from a “buy” rating to a “neutral” rating and decreased their target price for the company from $62.00 to $36.00 in a report on Monday, April 7th. Royal Bank of Canada lowered their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Truist Financial initiated coverage on shares of California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price on the stock. Finally, Barclays lowered their price target on shares of California Resources from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.27.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, for a total transaction 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. The trade was a 4.83 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.03% of the stock is currently owned by insiders.

Institutional Trading of California Resources

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock valued at $484,953,000 after buying an additional 225,620 shares during the last quarter. First Trust Advisors LP lifted its position in California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after acquiring an additional 845,694 shares during the period. American Century Companies Inc. grew its stake in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock valued at $120,785,000 after purchasing an additional 290,263 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of California Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock valued at $83,344,000 after purchasing an additional 13,116 shares during the period. Finally, Sourcerock Group LLC raised its stake in shares of California Resources by 6.5% during the fourth 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. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 2.0 %

The company has a fifty day moving average of $39.72 and a two-hundred day moving average of $48.43. 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 stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 5.43, a P/E/G ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, research analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is 37.71%.

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.