California Resources (NYSE:CRC) Shares Gap Down - Here's What Happened

California Resources Co. (NYSE:CRC - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $54.10, but opened at $52.56. California Resources shares last traded at $53.97, with a volume of 5,792 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $70.00 price objective on shares of California Resources in a research note on Tuesday. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Truist Financial started coverage on California Resources in a research report on Monday. They issued a "buy" rating and a $75.00 price objective on the stock. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They set a "neutral" rating and a $63.00 target price for the company. Finally, Barclays boosted their price target on California Resources from $55.00 to $57.00 and gave the stock an "equal weight" rating in a report on Thursday, October 3rd. 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $67.25.

California Resources Stock Performance

The firm has a market capitalization of $4.90 billion, a PE ratio of 8.45, a P/E/G ratio of 1.21 and a beta of 1.05. 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 business has a 50-day simple moving average of $54.81 and a 200-day simple moving average of $52.52.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the company posted $1.02 earnings per share. The company's quarterly revenue was up 194.1% compared to the same quarter last year. Equities research analysts expect that California Resources Co. will post 3.66 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.89%. California Resources's dividend payout ratio (DPR) is currently 24.41%.

Insider Transactions at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of the company'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 owns 30,940 shares of the company's stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.63% of the company's stock.

Institutional Trading of California Resources

A number of institutional investors have recently bought and sold shares of CRC. GAMMA Investing LLC raised its stake in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after acquiring an additional 371 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of 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 valued at $56,000 after buying an additional 454 shares during the period. Point72 DIFC Ltd acquired a new position in California Resources in the third quarter valued at $70,000. KBC Group NV lifted its holdings in shares of California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock worth $100,000 after acquiring an additional 431 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock valued at $169,000 after acquiring an additional 276 shares during the last quarter. 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.