California Resources (NYSE:CRC) Stock Price Down 7.9% - Here's Why

Key Points

• Shares fell 7.9% intraday to $61.57 (low $62.33) from a prior close of $66.87, with just ~55,557 shares trading—about 94% below the average daily volume of 971,280.
• Several analysts have raised price targets (e.g., Citigroup to $74, Barclays to $72, UBS to $82) and the consensus rating is Buy with an average target of $71.20.
• Q1 results showed a slight EPS miss ($0.47 vs. $0.49) but revenue beat ($924M vs. $789.7M); the company pays a quarterly dividend of $0.405 (2.6% yield) while insiders have sold roughly 72,283 shares (~$4.64M) in the past 90 days.

California Resources Corporation (NYSE:CRC - Get Free Report)'s stock price was down 7.9% during mid-day trading on Friday . The stock traded as low as $62.33 and last traded at $61.57. Approximately 55,557 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 971,280 shares. The stock had previously closed at $66.87.

Analysts Set New Price Targets

CRC has been the subject of a number of analyst reports. Citigroup lifted their price target on shares of California Resources from $67.00 to $74.00 and gave the company a "neutral" rating in a research report on Monday, March 30th. Zacks Research upgraded California Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th. Barclays upped their price target on shares of California Resources from $67.00 to $72.00 and gave the company an "overweight" rating in a research report on Monday, March 16th. UBS Group increased their price objective on shares of California Resources from $81.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday. Finally, TD Cowen raised shares of California Resources to a "strong-buy" rating in a research report on Monday, February 9th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, California Resources presently has an average rating of "Buy" and a consensus target price of $71.20.

California Resources Stock Performance

The firm has a market cap of $5.63 billion, a P/E ratio of 15.54 and a beta of 1.04. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The company's 50-day moving average is $62.56 and its two-hundred day moving average is $53.02.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The business had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. During the same period in the previous year, the business posted $0.91 EPS. California Resources's revenue was up 5.4% compared to the same quarter last year. As a group, equities analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were given a $0.405 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.6%. California Resources's dividend payout ratio (DPR) is presently 39.71%.

Insider Activity

In other California Resources news, COO Omar Hayat sold 23,000 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the completion of the sale, the chief operating officer owned 82,236 shares in the company, valued at approximately $5,416,885.32. This trade represents a 21.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the completion of the sale, the vice president owned 7,684 shares of the company's stock, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 72,283 shares of company stock worth $4,636,646. Corporate insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On California Resources

Several large investors have recently modified their holdings of the stock. Hsbc Holdings PLC grew its stake in California Resources by 228.6% in the 4th quarter. Hsbc Holdings PLC now owns 17,678 shares of the oil and gas producer's stock valued at $780,000 after buying an additional 12,299 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock valued at $25,000 after buying an additional 440 shares in the last quarter. EMC Capital Management purchased a new position in California Resources in the 4th quarter valued at approximately $42,000. Invesco Ltd. grew its stake in California Resources by 3.0% in the 4th quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer's stock valued at $49,273,000 after buying an additional 32,460 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in California Resources by 8.2% in the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer's stock valued at $504,000 after buying an additional 862 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Company Profile

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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