California Resources (NYSE:CRC) Shares Gap Down – What’s Next?

Shares of California Resources Co. (NYSE:CRC) gapped down prior to trading on Thursday . The stock had previously closed at $54.10, but opened at $52.56. California Resources shares last traded at $53.97, with a volume of 5,792 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Barclays increased their target price 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. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research report on Tuesday. JPMorgan Chase & Co. began coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective on the stock. Finally, 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 for the company. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Stock Performance

The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.90 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. The firm has a 50 day moving average price of $54.75 and a 200 day moving average price of $52.52.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same period last year, the firm earned $1.02 earnings per share. California Resources’s revenue was up 194.1% compared to the same quarter last year. As a group, research analysts forecast that California Resources Co. will post 3.66 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.89%. The ex-dividend date was Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Activity

In other news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

Institutional Trading of California Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources during the third quarter worth about $70,000. KBC Group NV increased its position in shares of California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.