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 dated Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 0.2%

NYSE:CRC opened at $52.15 on Friday. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The firm has a 50-day moving average price of $56.95 and a two-hundred day moving average price of $57.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -10.03 and a beta of 0.92.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the previous year, the business earned $1.07 EPS. The company’s revenue was down 87.0% compared to the same quarter last year. On average, equities analysts expect that California Resources Corporation will post 4.47 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were given a $0.405 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 annualized dividend and a yield of 3.1%. California Resources’s payout ratio is currently -31.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Barclays boosted their price target on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. UBS Group restated a “buy” rating and set a $70.00 price target (down from $78.00) on shares of California Resources in a research note on Monday. Mizuho raised their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings lowered shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. One 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.90.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in California Resources by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock worth $392,335,000 after acquiring an additional 529,814 shares during the period. Dimensional Fund Advisors LP boosted its holdings in California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after purchasing an additional 632,170 shares during the period. State Street Corp boosted its holdings in California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock valued at $171,786,000 after purchasing an additional 491,751 shares during the period. Victory Capital Management Inc. grew its position in shares of California Resources by 200.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after purchasing an additional 1,564,866 shares in the last quarter. Finally, Sourcerock Group LLC grew its position in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after purchasing an additional 779,280 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.