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 California Resources stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Trading Down 0.4%

NYSE:CRC opened at $54.02 on Thursday. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The stock’s 50 day simple moving average is $53.42 and its 200-day simple moving average is $57.03. The firm has a market cap of $4.80 billion, a P/E ratio of -39.72 and a beta of 1.02.

California Resources (NYSE:CRC) last issued its quarterly 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). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same period in the prior year, the business earned $1.10 earnings per share. California Resources’s revenue for the quarter was up 33.0% compared to the same quarter last year. Equities analysts anticipate that California Resources Corporation will post 3.93 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a dividend of $0.4050 per share. The ex-dividend date was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. California Resources’s dividend payout ratio is presently -119.12%.

Wall Street Analyst Weigh In

CRC has been the subject of several recent analyst reports. Stifel Nicolaus began coverage on shares of California Resources in a research note on Thursday, September 10th. They issued a “buy” rating and a $68.00 target price for the company. Roth Capital reiterated a “buy” rating and set a $59.00 price target (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. Citigroup dropped their price target on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Finally, Seaport Research Partners began coverage on shares of California Resources in a research report on Thursday, September 3rd. They issued a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $74.44.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently made changes to their positions in CRC. Bank of New York Mellon Corp purchased a new position in shares of California Resources in the 2nd quarter worth about $63,205,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of California Resources during the 1st quarter worth about $62,698,000. Bank of America Corp DE grew its holdings 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 worth $40,543,000 after purchasing an additional 212,827 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of California Resources during the 2nd quarter worth about $4,022,000. Finally, Fifth Third Bancorp increased its position in California Resources by 12,134.0% during the 1st quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer’s stock worth $4,912,000 after purchasing an additional 70,377 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

About California Resources

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.