California Resources (NYSE:CRC) Stock Crosses Below Fifty Day Moving Average – What’s Next?

California Resources Corporation (NYSE:CRC)’s share price passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $57.97 and traded as low as $51.68. California Resources shares last traded at $52.5250, with a volume of 543,733 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho increased their price target on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group set a $78.00 price objective on shares of California Resources and gave the stock a “buy” rating in a report on Monday, May 11th. Wells Fargo & Company increased their target price on shares of California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.70.

California Resources Stock Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The firm has a market cap of $4.66 billion, a P/E ratio of -10.10 and a beta of 0.92. The stock’s 50 day moving average is $57.97 and its two-hundred day moving average is $57.59.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting analysts’ consensus estimates of $0.88. The firm had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company’s revenue for the quarter was down 87.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. As a group, equities analysts predict that California Resources Corporation will post 5.24 EPS for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, May 29th. California Resources’s dividend payout ratio (DPR) is -31.15%.

Insider Buying and Selling

In related news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total value of $734,423.76. Following the sale, the executive vice president owned 171,331 shares of the company’s stock, valued at $10,567,696.08. The trade was a 6.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Lombard Odier Asset Management USA Corp acquired a new position in California Resources in the third quarter valued at about $1,808,000. Harbor Capital Advisors Inc. increased its holdings in shares of California Resources by 394.2% during the fourth quarter. Harbor Capital Advisors Inc. now owns 25,017 shares of the oil and gas producer’s stock worth $1,119,000 after buying an additional 19,955 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of California Resources by 2,349.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 234,797 shares of the oil and gas producer’s stock valued at $10,892,000 after acquiring an additional 225,210 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of California Resources by 107.6% in the 4th quarter. SG Americas Securities LLC now owns 28,300 shares of the oil and gas producer’s stock worth $1,265,000 after acquiring an additional 14,665 shares in the last quarter. Finally, UBS Group AG boosted its holdings in shares of California Resources by 51.5% in the 4th quarter. UBS Group AG now owns 1,471,090 shares of the oil and gas producer’s stock worth $65,772,000 after acquiring an additional 499,845 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.