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

California Resources Co. (NYSE:CRC)’s stock price reached a new 52-week low during 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 trading hands. The stock had previously closed at $35.22.

A number of other research firms have also weighed in on CRC. Citigroup lowered California Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $62.00 to $36.00 in a research note on Monday, April 7th. Barclays decreased their target price on California Resources from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 23rd. Truist Financial began coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Finally, Royal Bank of Canada reduced their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.27.

Insider Buying and Selling

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

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CRC. R Squared Ltd purchased a new stake in California Resources during the 4th quarter valued at approximately $31,000. Harbor Capital Advisors Inc. raised its stake in shares of California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC grew its position in California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after buying an additional 222 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Performance

The company has a market cap of $3.21 billion, a PE ratio of 5.57, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock’s 50-day simple moving average is $39.50 and its 200 day simple moving average is $48.31.

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

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were paid a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.38%. California Resources’s dividend payout ratio (DPR) is presently 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.