California Resources (NYSE:CRC) Reaches New 12-Month Low on Disappointing Earnings

California Resources Co. (NYSE:CRC)’s stock price hit a new 52-week low during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $42.58 and last traded at $42.61, with a volume of 131644 shares. The stock had previously closed at $44.62.

The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%.

Analyst Ratings Changes

CRC has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. TD Cowen increased their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Truist Financial began coverage on California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.25.

Insider Activity

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

A number of hedge funds have recently made changes to their positions in CRC. R Squared Ltd acquired a new stake in shares of California Resources in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its holdings in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after purchasing an additional 812 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after purchasing an additional 454 shares during the last quarter. GAMMA Investing LLC lifted its holdings in California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after purchasing an additional 222 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in California Resources during the 3rd quarter worth approximately $70,000. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 6.28, a PEG ratio of 1.02 and a beta of 1.04. The company has a fifty day moving average of $50.02 and a two-hundred day moving average of $52.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

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.