Insider Selling: California Resources (NYSE:CRC) EVP Sells $734,423.76 in Stock

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the transaction, the executive vice president owned 171,331 shares of the company’s stock, valued at approximately $10,567,696.08. This represents a 6.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Trading Down 4.3%

CRC stock traded down $2.59 on Friday, reaching $58.41. The company’s stock had a trading volume of 635,134 shares, compared to its average volume of 923,727. The firm has a market cap of $5.19 billion, a PE ratio of -11.23 and a beta of 0.90. The business has a fifty day simple moving average of $64.07 and a two-hundred day simple moving average of $56.26. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million during the quarter, compared to analyst estimates of $947.50 million. During the same period in the prior year, the business earned $1.07 EPS. The company’s revenue for the quarter was down 87.0% on a year-over-year basis. As a group, research analysts forecast that California Resources Corporation will post 5.56 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s payout ratio is presently -31.15%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CRC shares. Wells Fargo & Company increased their target price on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Wall Street Zen raised California Resources from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Barclays increased their price objective on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Weiss Ratings cut shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Finally, TD Cowen raised shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.50.

Institutional Trading of California Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after buying an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of California Resources by 6.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after acquiring an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after acquiring an additional 181,833 shares in the last quarter. Empowered Funds LLC raised its position in shares of California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after purchasing an additional 1,857 shares during the last quarter. Finally, Intech Investment Management LLC raised its position in shares of California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after purchasing an additional 4,783 shares during the last quarter. Hedge funds and other 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.