California Resources Co. (NYSE:CRC – Get Free Report)’s stock price fell 5.2% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $72.00 to $68.00. Stifel Nicolaus currently has a buy rating on the stock. California Resources traded as low as $52.91 and last traded at $53.15. 466,904 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,004,793 shares. The stock had previously closed at $56.08.
Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Mizuho reduced their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Friday. Finally, Bank of America downgraded shares of California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.67.
Hedge Funds Weigh In On California Resources
Several institutional investors and hedge funds have recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. purchased a new stake in shares of California Resources during the first quarter valued at $25,000. Quadrant Capital Group LLC purchased a new stake in shares of California Resources during the second quarter valued at $29,000. Sunbelt Securities Inc. purchased a new stake in shares of California Resources during the first quarter valued at $29,000. Headlands Technologies LLC purchased a new stake in shares of California Resources during the third quarter valued at $45,000. Finally, Captrust Financial Advisors grew its holdings in shares of California Resources by 69.1% during the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 594 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.
California Resources Stock Down 5.4 %
The stock has a market capitalization of $3.68 billion, a PE ratio of 7.03 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The business’s fifty day moving average price is $52.05 and its two-hundred day moving average price is $52.96.
California Resources (NYSE:CRC – Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $553.47 million. During the same period in the previous year, the company posted $1.24 earnings per share. California Resources’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities research analysts forecast that California Resources Co. will post 5.11 EPS for the current fiscal year.
California Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.34%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.
About California Resources
California Resources Corporation operates as an independent oil and natural gas exploration and production 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.