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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares in the company, valued at approximately $7,965,918. This represents a 7.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

Shares of CRC opened at $53.53 on Thursday. The company has a market capitalization of $4.75 billion, a P/E ratio of -39.36 and a beta of 0.93. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $53.70 and a 200 day moving average of $58.73. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data 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). The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.California Resources’s revenue was up 33.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.10 earnings per share. As a group, equities research analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. California Resources’s payout ratio is currently -119.12%.

Institutional Trading of California Resources

Several large investors have recently modified their holdings of CRC. Rockefeller Capital Management L.P. lifted its holdings in 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 period. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources during the 4th quarter valued at about $26,000. Pinnacle Holdings LLC bought a new stake in shares of California Resources during the 4th quarter valued at about $27,000. Valued Wealth Advisors LLC purchased a new stake in shares of California Resources during the 1st quarter valued at about $29,000. Finally, EMC Capital Management purchased a new stake in shares of California Resources during the 4th quarter valued at about $42,000. Institutional investors own 97.79% of the company’s stock.

More California Resources News

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
• Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
• Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
• Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRC shares. Stephens set a $85.00 price objective on California Resources and gave the company an “overweight” rating in a research report on Friday, July 17th. UBS Group decreased their target price on California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Weiss Ratings raised shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Finally, Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average target price of $72.55.

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.