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 firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares of the company’s stock, valued at approximately $7,965,918. This represents a 7.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

California Resources stock opened at $53.31 on Friday. The firm has a market capitalization of $4.73 billion, a PE ratio of -39.20 and a beta of 0.93. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The firm’s 50-day simple moving average is $53.44 and its 200 day simple moving average is $58.72. The company has a quick ratio of 0.47, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business’s revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.10 earnings per share. On average, equities research analysts predict that California Resources Corporation will post 3.53 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 4th. California Resources’s dividend payout ratio (DPR) is -119.12%.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the stock. Federated Hermes Inc. grew its stake in shares of California Resources by 4.3% during the 4th 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 holdings in shares of California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock worth $75,000 after buying an additional 214 shares during the last quarter. iA Global Asset Management Inc. raised its position in shares of California Resources by 4.4% in the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after buying an additional 230 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of California Resources by 13.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after buying an additional 268 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in California Resources by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after acquiring an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Citigroup reduced their target price on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. UBS Group dropped their price target on California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday. Stephens set a $85.00 price target on California Resources and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings raised California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Finally, Barclays restated an “overweight” rating and issued a $77.00 price objective (down from $80.00) on shares of California Resources in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.55.

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.