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 business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the completion of the transaction, the executive vice president directly owned 171,331 shares of the company’s stock, valued at approximately $10,567,696.08. The trade was a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Performance

Shares of California Resources stock opened at $58.41 on Monday. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of -11.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The stock’s 50-day moving average is $63.90 and its 200-day moving average is $56.33.

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

California Resources Announces Dividend

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

Institutional Trading of California Resources

A number of large investors have recently bought and sold shares of the business. Federated Hermes Inc. grew its holdings in 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 worth $209,000 after acquiring an additional 195 shares during the period. Quadrant Capital Group LLC grew its holdings in 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 acquiring an additional 214 shares during the period. Clearstead Advisors LLC grew its holdings in California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after acquiring an additional 226 shares during the period. iA Global Asset Management Inc. grew its holdings in California Resources by 4.4% during 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 acquiring an additional 230 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock worth $73,000 after acquiring an additional 236 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of research reports. Mizuho increased their price target on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. TD Cowen upgraded California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Weiss Ratings cut California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Citigroup upgraded California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $74.00 to $78.00 in a research note on Wednesday, May 20th. Finally, Wells Fargo & Company raised 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. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.50.

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.