California Resources (NYSE:CRC) Shares Down 2.7% - Should You Sell?

California Resources Co. (NYSE:CRC - Get Free Report) shares traded down 2.7% during mid-day trading on Monday . The stock traded as low as $50.69 and last traded at $51.00. 85,772 shares changed hands during trading, a decline of 90% from the average session volume of 858,017 shares. The stock had previously closed at $52.44.

Analyst Upgrades and Downgrades

CRC has been the topic of several recent research reports. UBS Group initiated coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a "buy" rating and a $68.00 target price on the stock. Barclays upped their price objective on California Resources from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 3rd. TD Cowen started coverage on California Resources in a report on Friday, August 2nd. They issued a "buy" rating and a $65.00 target price for the company. Bank of America upgraded California Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $65.50.

California Resources Trading Down 0.1 %

The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm has a market cap of $3.59 billion, a PE ratio of 15.02, a P/E/G ratio of 1.27 and a beta of 0.98. The business has a fifty day moving average price of $51.66 and a 200 day moving average price of $50.77.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to analysts' expectations of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business's revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 earnings per share. Analysts forecast that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.3875 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from California Resources's previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 2.96%. California Resources's payout ratio is 44.41%.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of the business's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares of the company's stock, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Noelle M. Repetti sold 10,000 shares of the company's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares in the company, valued at $916,953. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction on Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by insiders.

Institutional Trading of California Resources

A number of hedge funds have recently added to or reduced their stakes in CRC. Jupiter Asset Management Ltd. purchased a new stake in shares of California Resources during the first quarter worth approximately $4,847,000. Sei Investments Co. raised its holdings in California Resources by 44.7% during the first quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer's stock worth $3,950,000 after purchasing an additional 22,150 shares in the last quarter. SG Americas Securities LLC lifted its position in California Resources by 497.6% in the first quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer's stock valued at $1,705,000 after purchasing an additional 25,767 shares during the period. Interval Partners LP purchased a new stake in California Resources in the 2nd quarter valued at approximately $2,213,000. Finally, Empowered Funds LLC increased its position in California Resources by 879.4% during the 1st quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer's stock worth $7,882,000 after purchasing an additional 128,445 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

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.