California Resources (NYSE:CRC) Shares Gap Down on Analyst Downgrade

Shares of California Resources Co. (NYSE:CRC - Get Free Report) gapped down before the market opened on Wednesday after Barclays lowered their price target on the stock from $57.00 to $55.00. The stock had previously closed at $39.17, but opened at $38.17. Barclays currently has an equal weight rating on the stock. California Resources shares last traded at $38.71, with a volume of 95,620 shares traded.

Several other brokerages have also weighed in on CRC. Truist Financial initiated coverage on California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price objective for the company. TD Cowen boosted their price target on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Capital One Financial upgraded California Resources to a "strong-buy" rating in a research note on Monday, December 9th. StockNews.com upgraded shares of California Resources from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $67.08.

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Insider Transactions at California Resources

In other California Resources 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 sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. R Squared Ltd acquired a new position in shares of California Resources during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC boosted its stake in 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 valued at $53,000 after buying an additional 812 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after acquiring an additional 454 shares during the period. GAMMA Investing LLC raised its position in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock worth $62,000 after acquiring an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in California Resources in the 3rd quarter valued at about $70,000. Institutional investors own 97.79% of the company's stock.

California Resources Stock Up 1.6 %

The stock's fifty day simple moving average is $49.34 and its two-hundred day simple moving average is $51.96. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 6.56, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The business had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, sell-side analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently announced 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. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Monday, March 10th. California Resources's payout ratio is 24.41%.

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.