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

California Resources Co. (NYSE:CRC)’s stock price reached a new 52-week low on Monday after the company announced weaker than expected quarterly earnings. The stock 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 for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million.

Analyst Ratings Changes

A number of equities analysts have commented on CRC shares. Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. TD Cowen boosted their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on 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 Tuesday, January 14th. Finally, StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.25.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently added to or reduced their stakes in CRC. First Trust Advisors LP lifted its stake in California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock valued at $353,800,000 after buying an additional 845,694 shares during the period. Weiss Asset Management LP bought a new stake in shares of California Resources in the third quarter worth about $28,043,000. Palo Duro Investment Partners LP bought a new stake in shares of California Resources in the fourth quarter worth about $20,752,000. American Century Companies Inc. increased its holdings in shares of California Resources by 14.2% in the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after acquiring an additional 290,263 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of California Resources by 285.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer’s stock worth $16,532,000 after acquiring an additional 235,955 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Stock Down 10.7 %

The firm has a fifty day simple moving average of $50.02 and a 200-day simple moving average of $52.20. The company has a market capitalization of $3.64 billion, a P/E ratio of 6.28, a P/E/G ratio of 1.02 and a beta of 1.04. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

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.