California Resources (NYSE:CRC) EVP Jay Bys Sells 11,907 Shares of Stock

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 135,610 shares of the company’s stock, valued at $7,322,940. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Trading Up 2.2%

NYSE:CRC opened at $55.43 on Wednesday. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -40.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The business has a fifty day moving average of $52.66 and a 200-day moving average of $58.61.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Equities analysts predict that California Resources Corporation will post 3.9 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, September 4th. California Resources’s payout ratio is -119.12%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRC. UBS Group decreased their price objective on shares of California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Seaport Research Partners assumed coverage on California Resources in a report on Thursday, September 3rd. They set a “neutral” rating on the stock. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Stephens set a $85.00 price target on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.27.

Hedge Funds Weigh In On California Resources

Several large investors have recently made changes to their positions in CRC. Rockefeller Capital Management L.P. raised its holdings in shares of California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in California Resources during the fourth quarter valued at approximately $26,000. Pinnacle Holdings LLC bought a new stake in California Resources during the fourth quarter worth approximately $27,000. Valued Wealth Advisors LLC bought a new stake in California Resources during the first quarter worth approximately $29,000. Finally, EMC Capital Management acquired a new position in California Resources in the fourth quarter worth approximately $42,000. Institutional investors own 97.79% of the company’s stock.

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.