Insider Selling: California Resources (NYSE:CRC) COO Sells $1,515,010.00 in Stock

California Resources Corporation (NYSE:CRC) COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the transaction, the chief operating officer owned 82,236 shares in the company, valued at approximately $5,416,885.32. The trade was a 21.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

California Resources Stock Performance

Shares of California Resources stock opened at $62.10 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $54.15 and a two-hundred day moving average price of $50.73. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $66.35. The company has a market cap of $5.50 billion, a P/E ratio of 15.22 and a beta of 1.12.

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

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources’s dividend payout ratio is presently 39.71%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRC. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research report on Monday, January 5th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Wells Fargo & Company increased their price target on California Resources from $56.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, March 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.90.

Institutional Trading of California Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC purchased a new position in California Resources in the fourth quarter worth $26,000. Clearstead Advisors LLC increased its position in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. Pinnacle Holdings LLC purchased a new stake in shares of California Resources during the 4th quarter valued at $27,000. Salomon & Ludwin LLC bought a new stake in shares of California Resources during the 3rd quarter worth $29,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of California Resources in the 3rd quarter worth about $36,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.