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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 135,610 shares of the company’s stock, valued at approximately $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Performance

Shares of CRC stock opened at $56.76 on Thursday. 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 company has a market capitalization of $5.04 billion, a P/E ratio of -41.73 and a beta of 0.90. The company’s 50 day moving average price is $52.76 and its two-hundred day moving average price is $58.59. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98.

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 the consensus estimate of $960.20 million. During the same period in the previous year, the firm posted $1.10 EPS. The business’s quarterly revenue was up 33.0% compared to the same quarter last year. On average, analysts expect that California Resources Corporation will post 3.9 earnings per share for the current fiscal year.

California Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRC. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Barclays set a $74.00 price objective on California Resources and gave the stock an “overweight” rating in a research report on Monday, August 17th. Mizuho increased their price objective on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Finally, Citigroup cut 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.27.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. increased its position in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in California Resources during the fourth quarter worth about $26,000. Pinnacle Holdings LLC acquired a new position in California Resources during the fourth quarter valued at approximately $27,000. Valued Wealth Advisors LLC acquired a new position in California Resources during the first quarter valued at approximately $29,000. Finally, EMC Capital Management bought a new position in California Resources in the fourth quarter valued at approximately $42,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.