Mark Allen Mcfarland Sells 16,372 Shares of California Resources (NYSE:CRC) Stock

California Resources Corporation (NYSE:CRC) Director Mark Allen Mcfarland sold 16,372 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the transaction, the director directly owned 76,265 shares in the company, valued at $4,944,259.95. The trade was a 17.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

California Resources Stock Performance

Shares of CRC stock traded down $0.71 during midday trading on Monday, hitting $64.03. 1,292,999 shares of the company were exchanged, compared to its average volume of 860,996. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $66.35. The firm has a market capitalization of $5.67 billion, a P/E ratio of 15.69 and a beta of 1.11. The firm’s 50 day moving average price is $52.71 and its two-hundred day moving average price is $50.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89.

California Resources (NYSE:CRC) last announced its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. During the same quarter last year, the business posted $0.91 EPS. California Resources’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities research analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, March 13th. California Resources’s dividend payout ratio (DPR) is 39.71%.

Wall Street Analysts Forecast Growth

CRC has been the topic of a number of analyst reports. Barclays increased their price objective on shares of California Resources from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. UBS Group lifted their target price on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday. Wall Street Zen downgraded California Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Mizuho raised their price target on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Finally, Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.90.

Institutional Trading of California Resources

Hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in shares of California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC increased its position in California Resources by 14.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after acquiring an additional 214 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of California Resources by 29.7% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 219 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in shares of California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares during the period. Finally, iA Global Asset Management Inc. grew its stake in shares of California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after purchasing an additional 230 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

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.