California Resources (NYSE:CRC) Hits New 1-Year Low Following Weak Earnings

California Resources Co. (NYSE:CRC - Get Free Report) shares hit a new 52-week low during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $42.58 and last traded at $42.61, with a volume of 131644 shares. The stock had previously closed at $44.62.

The oil and gas producer reported $0.91 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 business had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be issued a $0.3875 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 3.79%. California Resources's payout ratio is 24.41%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRC shares. JPMorgan Chase & Co. started coverage on California Resources in a research report on Friday, December 20th. They set a "neutral" rating and a $63.00 price objective for the company. TD Cowen boosted their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Capital One Financial raised shares of California Resources to a "strong-buy" rating in a research note on Monday, December 9th. Barclays lowered their target price 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. Finally, Truist Financial began coverage on shares of California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $67.08.

Remove Ads

Insiders Place Their Bets

In other news, EVP Omar Hayat sold 16,016 shares of the business's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.03% of the company's stock.

Hedge Funds Weigh In On California Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP bought a new position in shares of California Resources in the third quarter valued at approximately $682,000. Swiss National Bank lifted its stake in California Resources by 12.7% during the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer's stock valued at $6,396,000 after acquiring an additional 13,700 shares in the last quarter. Geode Capital Management LLC boosted its holdings in California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock worth $83,583,000 after acquiring an additional 55,815 shares during the last quarter. Natixis Advisors LLC purchased a new position in California Resources during the 3rd quarter worth $579,000. Finally, State Street Corp grew its stake in shares of California Resources by 5.1% in 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. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company's fifty day moving average price is $49.55 and its 200 day moving average price is $52.04. The company has a market cap of $3.74 billion, a PE ratio of 6.44, a P/E/G ratio of 1.02 and a beta of 1.06.

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.