California Resources (NYSE:CRC) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of California Resources (NYSE:CRC) from a hold rating to a sell rating in a report released on Friday.

A number of other analysts have also recently commented on CRC. Barclays lifted their price objective 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. Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. UBS Group started coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Price Performance

Shares of CRC stock traded up $0.36 during mid-day trading on Friday, reaching $56.93. The stock had a trading volume of 757,792 shares, compared to its average volume of 663,654. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a current ratio of 0.97, a quick ratio of 2.33 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $52.04 and a 200 day simple moving average of $50.78. The company has a market cap of $3.86 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The company’s revenue for the quarter was up 194.1% compared to the same quarter last year. On average, sell-side analysts anticipate that California Resources will post 3.45 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.72%. California Resources’s dividend payout ratio (DPR) is 24.41%.

Insiders Place Their Bets

In related news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 over the last quarter. 0.03% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

A number of hedge funds have recently made changes to their positions in the stock. 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. KBC Group NV raised its stake in 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 valued at $100,000 after buying an additional 431 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the last quarter. Atria Investments Inc acquired a new position in shares of California Resources in the 3rd quarter worth approximately $209,000. Finally, Privium Fund Management B.V. bought a new stake in shares of California Resources in the 2nd quarter valued at approximately $258,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

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.