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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Trading Down 2.0%

NYSE:CRC opened at $52.30 on Wednesday. The company has a market capitalization of $4.64 billion, a PE ratio of -10.06 and a beta of 0.92. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98. The stock’s 50 day moving average price is $57.32 and its 200 day moving average price is $57.81. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.88. The company had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm’s revenue for the quarter was down 87.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 earnings per share. On average, research analysts anticipate that California Resources Corporation will post 5.24 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s payout ratio is presently -31.15%.

Institutional Trading of California Resources

Several hedge funds have recently made changes to their positions in the company. Valued Wealth Advisors LLC acquired a new position in shares of California Resources during the first quarter worth about $29,000. Rockefeller Capital Management L.P. lifted its position 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 purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in California Resources in the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC purchased a new stake in California Resources in the 4th quarter valued at approximately $27,000. Finally, FNY Investment Advisers LLC purchased a new stake in California Resources in the 3rd quarter valued at approximately $36,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays increased their price target on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Wells Fargo & Company upped their target price on shares of California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Mizuho raised their price target on 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 cut California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.90.

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.