Omar Hayat Sells 23,000 Shares of California Resources (NYSE:CRC) Stock

California Resources Corporation (NYSE:CRC) COO Omar Hayat sold 23,000 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the sale, the chief operating officer directly owned 82,236 shares of the company’s stock, valued at $5,416,885.32. The trade was a 21.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

California Resources Stock Performance

Shares of CRC opened at $62.88 on Thursday. The firm has a market capitalization of $5.57 billion, a PE ratio of 15.41 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $53.80 and a 200 day moving average price of $50.65. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $66.35.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 earnings per share. On average, sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 13th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.6%. California Resources’s payout ratio is presently 39.71%.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently modified their holdings of CRC. American Century Companies Inc. boosted its position in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after purchasing an additional 159,708 shares during the period. Principal Financial Group Inc. increased its position in shares of California Resources by 23.9% in the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock worth $24,924,000 after acquiring an additional 90,466 shares in the last quarter. Channing Capital Management LLC acquired a new stake in shares of California Resources during the third quarter valued at approximately $6,205,000. Clayton Partners LLC lifted its position in shares of California Resources by 35.2% in the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock valued at $7,238,000 after acquiring an additional 35,461 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in California Resources in the 3rd quarter worth approximately $2,200,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRC. UBS Group increased their price target on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Barclays boosted their price objective on California Resources from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company raised their target price on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. TD Cowen raised California Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.90.

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.