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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the completion of the transaction, the executive vice president directly owned 171,331 shares of the company’s stock, valued at approximately $10,567,696.08. This represents a 6.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

NYSE CRC traded down $2.59 during trading hours on Friday, reaching $58.41. 635,134 shares of the stock traded hands, compared to its average volume of 923,727. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The stock has a 50 day simple moving average of $64.07 and a two-hundred day simple moving average of $56.26. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -11.23 and a beta of 0.90.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.88. The firm 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 company’s revenue for the quarter was down 87.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, analysts predict that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, May 29th. California Resources’s dividend payout ratio (DPR) is presently -31.15%.

Institutional Investors Weigh In On California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC bought a new stake in California Resources in the 1st quarter worth $29,000. Clearstead Advisors LLC raised its stake in shares of California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 226 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources in the fourth quarter worth about $26,000. Finally, Pinnacle Holdings LLC bought a new stake in shares of California Resources in the fourth quarter worth about $27,000. 97.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRC. UBS Group set a $78.00 target price on shares of California Resources and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Barclays upped their price target on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, Citigroup raised California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the company from $74.00 to $78.00 in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.50.

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.