California Resources (NYSE:CRC) Reaches New 12-Month Low on Disappointing Earnings

California Resources Co. (NYSE:CRC)’s stock price hit a new 52-week low 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 analysts’ consensus estimates of $0.96 by ($0.05). The company 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%.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 3.96%. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Analysts Set New Price Targets

A number of research firms have recently commented on CRC. Truist Financial began coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. TD Cowen raised their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, JPMorgan Chase & Co. began coverage on California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.25.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was 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 in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in California Resources during the 4th quarter valued at approximately $1,475,000. GF Fund Management CO. LTD. acquired a new stake in California Resources during the 4th quarter valued at approximately $1,145,000. GTS Securities LLC acquired a new stake in California Resources during the 4th quarter valued at approximately $669,000. Sourcerock Group LLC grew its stake in California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock valued at $56,298,000 after purchasing an additional 65,981 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in California Resources by 22.5% during the 4th quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock valued at $1,313,000 after purchasing an additional 4,647 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 1.5 %

The business has a 50 day simple moving average of $49.77 and a two-hundred day simple moving average of $52.12. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 6.16, a price-to-earnings-growth 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.