California Resources (NYSE:CRC) Shares Down 4.5%

California Resources Co. (NYSE:CRCGet Rating)’s share price fell 4.5% during mid-day trading on Friday . The company traded as low as $43.53 and last traded at $44.00. 827 shares changed hands during trading, a decline of 100% from the average session volume of 649,035 shares. The stock had previously closed at $46.06.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CRC shares. Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $49.00 to $58.00 in a report on Tuesday, November 15th. Stifel Nicolaus began coverage on California Resources in a report on Wednesday, October 19th. They issued a “buy” rating and a $63.00 price objective for the company. StockNews.com cut California Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 19th. Finally, TheStreet upgraded California Resources from a “d” rating to a “c-” rating in a report on Friday, August 19th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.00.

California Resources Stock Down 0.8 %

The business’s 50 day simple moving average is $43.24 and its 200-day simple moving average is $43.33. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.95. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 3.16 and a beta of 1.27.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Thursday, December 1st will be issued a $0.282 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.17. This represents a $1.13 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Wednesday, November 30th. California Resources’s dividend payout ratio is currently 4.70%.

Institutional Trading of California Resources

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of California Resources by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 7,489,832 shares of the oil and gas producer’s stock valued at $335,020,000 after purchasing an additional 80,779 shares during the last quarter. State Street Corp increased its holdings in shares of California Resources by 6.6% during the second quarter. State Street Corp now owns 3,515,856 shares of the oil and gas producer’s stock valued at $135,360,000 after acquiring an additional 217,606 shares in the last quarter. Kimmeridge Energy Management Company LLC grew its stake in shares of California Resources by 121.8% during the 3rd quarter. Kimmeridge Energy Management Company LLC now owns 3,487,616 shares of the oil and gas producer’s stock valued at $134,029,000 after purchasing an additional 1,915,060 shares during the period. Corvex Management LP lifted its position in shares of California Resources by 399.1% during the 2nd quarter. Corvex Management LP now owns 3,385,534 shares of the oil and gas producer’s stock valued at $130,343,000 after buying an additional 2,707,159 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its holdings in California Resources by 18.2% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,697,845 shares of the oil and gas producer’s stock worth $103,867,000 after purchasing an additional 416,214 shares in the last quarter.

About California Resources

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California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.

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