California Resources (NYSE:CRC) Reaches New 12-Month Low - Here's What Happened

California Resources Co. (NYSE:CRC - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $35.41 and last traded at $34.99, with a volume of 147452 shares changing hands. The stock had previously closed at $40.58.

Analysts Set New Price Targets

A number of analysts have commented on CRC shares. JPMorgan Chase & Co. initiated coverage on California Resources in a research report on Friday, December 20th. They set a "neutral" rating and a $63.00 price target for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $68.00 target price on shares of California Resources in a report on Thursday, March 27th. Truist Financial began coverage on shares of California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price target on the stock. Barclays decreased their price objective 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, March 5th. Finally, Citigroup lowered shares of California Resources from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $62.00 to $36.00 in a research note on Monday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, California Resources currently has an average rating of "Moderate Buy" and a consensus price target of $64.50.

California Resources Stock Up 12.6 %

The business's fifty day simple moving average is $44.17 and its two-hundred day simple moving average is $50.46. 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 has a market cap of $3.31 billion, a PE ratio of 5.75, a PEG ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly 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). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $877.00 million during the quarter, compared to analysts' expectations of $901.36 million. On average, analysts predict that California Resources Co. will post 3.85 earnings per share 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 given a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.25%. California Resources's dividend payout ratio (DPR) is 37.71%.

Insider Buying and Selling

In related news, Director James N. Chapman bought 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. R Squared Ltd purchased a new stake in California Resources during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC increased its position 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 in the last quarter. Nisa Investment Advisors LLC raised its stake 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 purchasing an additional 454 shares during the last quarter. GAMMA Investing LLC boosted its stake in California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock worth $62,000 after purchasing an additional 222 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of California Resources in the third quarter valued at about $70,000. 97.79% of the stock is 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.