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 California Resources stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 123,703 shares of the company’s stock, valued at $6,679,962. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Performance

Shares of CRC traded down $0.20 during trading hours on Wednesday, hitting $54.02. The company had a trading volume of 1,086,698 shares, compared to its average volume of 832,146. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of -39.72 and a beta of 1.02. The business has a fifty day moving average of $53.42 and a 200-day moving average of $57.03. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The business’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 EPS. Equities analysts anticipate that California Resources Corporation will post 3.93 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were issued a dividend of $0.4050 per share. This represents a $1.62 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s dividend payout ratio (DPR) is presently -119.12%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Roth Capital restated a “buy” rating and issued a $59.00 price target (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. Stifel Nicolaus started coverage on California Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price objective on the stock. Stephens lowered their price objective on California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Wall Street Zen cut California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Finally, Weiss Ratings raised 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, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, California Resources has an average rating of “Moderate Buy” and a consensus price target of $74.44.

Institutional Investors Weigh In On California Resources

A number of large investors have recently added to or reduced their stakes in CRC. Bank of New York Mellon Corp acquired a new position in California Resources in the 2nd quarter valued at $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of California Resources during the 1st quarter valued at $62,698,000. Bank of America Corp DE lifted its position in shares of California Resources by 57.1% during the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock valued at $40,543,000 after acquiring an additional 212,827 shares during the period. Janus Henderson Group PLC grew its holdings in shares of California Resources by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock worth $33,254,000 after purchasing an additional 54,703 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of California Resources by 20.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after purchasing an additional 47,914 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.