Insider Selling: California Resources (NYSE:CRC) EVP Sells $642,978.00 in Stock

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president owned 123,703 shares of the company’s stock, valued at approximately $6,679,962. The trade was a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Performance

Shares of CRC stock opened at $54.27 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of -39.90 and a beta of 1.02. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98. The company has a 50 day moving average price of $53.47 and a 200 day moving average price of $56.90.

California Resources (NYSE:CRC) last announced its quarterly earnings results 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). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same quarter last year, the business earned $1.10 EPS. The firm’s revenue for the quarter was up 33.0% compared to the same quarter last year. Sell-side analysts anticipate that California Resources Corporation will post 4.03 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a dividend of $0.4050 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources’s dividend payout ratio is presently -119.12%.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently bought and sold shares of the business. Vontobel Holding Ltd. raised its stake in shares of California Resources by 69.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 65,151 shares of the oil and gas producer’s stock valued at $3,310,000 after acquiring an additional 26,590 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of California Resources during the 3rd quarter valued at $1,867,000. Fortitude Family Office LLC lifted its holdings in shares of California Resources by 1,073.6% during the 3rd quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock valued at $106,000 after acquiring an additional 1,911 shares in the last quarter. GAMMA Investing LLC boosted its position in California Resources by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer’s stock worth $110,000 after purchasing an additional 296 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in California Resources by 83.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,819 shares of the oil and gas producer’s stock worth $194,000 after purchasing an additional 1,733 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRC shares. Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Royal Bank Of Canada reissued an “outperform” rating and set a $77.00 price target on shares of California Resources in a research report on Monday, September 14th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Stifel Nicolaus assumed coverage on California Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, Seaport Research Partners assumed coverage on California Resources in a report on Thursday, September 3rd. They issued a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.44.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.