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 company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 135,610 shares in the company, valued at $7,322,940. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Trading Down 1.1%

NYSE CRC opened at $56.10 on Friday. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -41.25 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The company’s fifty day moving average price is $52.86 and its two-hundred day moving average price is $58.57.

California Resources (NYSE:CRC) last released its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.California Resources’s revenue for the quarter was up 33.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 EPS. As a group, research analysts predict that California Resources Corporation will post 3.9 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued 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%.

Institutional Trading of California Resources

Large investors have recently modified their holdings of the company. Federated Hermes Inc. raised its holdings in shares of California Resources by 4.3% during the fourth 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 in the last quarter. Quadrant Capital Group LLC grew its stake in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after purchasing an additional 214 shares in the last quarter. iA Global Asset Management Inc. grew its stake in California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock valued at $243,000 after purchasing an additional 230 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in California Resources by 13.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after purchasing an additional 268 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in California Resources by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock worth $281,000 after purchasing an additional 327 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRC shares. Barclays set a $74.00 target price on California Resources and gave the stock an “overweight” rating in a report on Monday, August 17th. Seaport Research Partners started coverage on California Resources in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th. Stephens set a $85.00 price objective on California Resources and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, Weiss Ratings raised shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.92.

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.