California Resources (NYSE:CRC) Stock Crosses Below Fifty Day Moving Average - What's Next?

Key Points

• California Resources (NYSE: CRC) fell below its 50-day moving average, trading as low as $51.68 before last changing hands around $52.53. The move came on volume of 543,733 shares.
• Wall Street sentiment remains mostly positive, with a consensus Moderate Buy rating and an average price target of $72.70. Recent analyst updates included raised targets from Wells Fargo, Mizuho, and Barclays, though a few firms downgraded the stock.
• The company reported Q1 earnings of $0.88 per share, matching estimates, but revenue fell sharply year over year. California Resources also paid a quarterly dividend of $0.405 per share, implying a 3.1% annualized yield.

Shares of California Resources Corporation (NYSE:CRC - Get Free Report) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $57.97 and traded as low as $51.68. California Resources shares last traded at $52.5250, with a volume of 543,733 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their price objective on California Resources from $72.00 to $76.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 17th. Mizuho upped their target price on California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Zacks Research lowered shares of California Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Barclays raised their price target on shares of California Resources from $72.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Finally, Weiss Ratings lowered shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $72.70.

California Resources Stock Down 0.2%

The business has a 50 day simple moving average of $57.97 and a 200 day simple moving average of $57.59. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The stock has a market cap of $4.66 billion, a PE ratio of -10.10 and a beta of 0.92.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting analysts' consensus estimates of $0.88. The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business's quarterly revenue was down 87.0% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. On average, equities research analysts forecast that California Resources Corporation will post 5.24 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, May 29th. California Resources's dividend payout ratio (DPR) is presently -31.15%.

Insider Transactions at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total transaction of $734,423.76. Following the transaction, the executive vice president owned 171,331 shares in the company, valued at $10,567,696.08. This represents a 6.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRC. Wedge Capital Management L L P NC boosted its holdings in shares of California Resources by 0.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 212,297 shares of the oil and gas producer's stock worth $11,224,000 after buying an additional 1,645 shares during the period. Moody National Bank Trust Division bought a new position in California Resources in the 2nd quarter worth $500,000. Bank of America Corp DE lifted its position in California Resources by 57.1% during the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock worth $40,543,000 after acquiring an additional 212,827 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in California Resources by 12.8% during the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer's stock valued at $33,254,000 after acquiring an additional 54,703 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of California Resources by 13.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock valued at $155,000 after purchasing an additional 268 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

About California Resources

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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