California Resources (NYSE:CRC) VP Sells $545,612.44 in Stock

Key Points

• Insider sale: California Resources VP Noelle Repetti sold 8,564 shares on March 5 at an average price of $63.71 for $545,612.44, reducing her stake by 52.71% to 7,684 shares per an SEC filing.
• Earnings and analyst view: CRC reported quarterly EPS of $0.47 (missing the $0.49 consensus) while revenue of $924 million beat estimates, and analysts hold a consensus "Moderate Buy" with an average target of $66.90.
• Dividend announced: The company declared a quarterly dividend of $0.405 (annualized $1.62) with an ex-dividend/record date of March 13 and a payment date of March 20, implying a yield of about 2.5%.

California Resources Corporation (NYSE:CRC - Get Free Report) VP Noelle Repetti sold 8,564 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president owned 7,684 shares in the company, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

California Resources Stock Performance

CRC traded up $1.42 during trading on Friday, hitting $64.97. The stock had a trading volume of 1,334,489 shares, compared to its average volume of 851,175. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.78. The company has a 50 day moving average price of $52.29 and a 200-day moving average price of $50.22. California Resources Corporation has a one year low of $30.97 and a one year high of $65.68. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 15.92 and a beta of 1.12.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.02). The firm had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. As a group, research analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, March 13th. California Resources's dividend payout ratio is presently 39.71%.

Hedge Funds Weigh In On California Resources

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in California Resources by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer's stock valued at $392,335,000 after purchasing an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer's stock valued at $186,968,000 after acquiring an additional 632,170 shares during the last quarter. State Street Corp boosted its holdings in shares of California Resources by 14.7% during the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer's stock valued at $171,786,000 after acquiring an additional 491,751 shares in the last quarter. American Century Companies Inc. grew its position in California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock worth $159,882,000 after acquiring an additional 159,708 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in California Resources by 200.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer's stock worth $104,822,000 after purchasing an additional 1,564,866 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRC. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 19th. Barclays lifted their price objective on California Resources from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday. Royal Bank Of Canada set a $70.00 target price on California Resources in a report on Monday, January 5th. TD Cowen raised California Resources to a "strong-buy" rating in a research note on Monday, February 9th. Finally, Mizuho upped their price objective on shares of California Resources from $71.00 to $72.00 and gave the stock an "outperform" rating in a research report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $66.90.

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.

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