Royal Bank of Canada Sells 46,399 Shares of California Resources Corporation $CRC

Key Points

• Royal Bank of Canada cut its California Resources stake by 37.9%, selling 46,399 shares and retaining 75,954 shares valued at approximately $5.26 million. Institutional investors collectively own 97.79% of CRC.
• CRC’s latest quarter showed mixed results: revenue increased 33% year over year to $1.30 billion, but earnings of $0.99 per share missed the $1.36 consensus estimate. The stock opened at $53.53, below its 200-day moving average of $58.73.
• California Resources declared a quarterly dividend of $0.405 per share, representing an annualized payout of $1.62 and a 3.0% yield. Analysts maintain an overall “Moderate Buy” rating with an average price target of $72.55, despite concerns about hedging limiting earnings growth.

Royal Bank of Canada decreased its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 37.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,954 shares of the oil and gas producer's stock after selling 46,399 shares during the quarter. Royal Bank of Canada owned about 0.09% of California Resources worth $5,258,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Valued Wealth Advisors LLC purchased a new position in shares of California Resources in the 1st quarter worth approximately $29,000. Rockefeller Capital Management L.P. raised its holdings in California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock valued at $25,000 after buying an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in California Resources in the fourth quarter worth $26,000. Pinnacle Holdings LLC bought a new stake in California Resources in the fourth quarter worth $27,000. Finally, EMC Capital Management purchased a new position in California Resources during the fourth quarter worth $42,000. Institutional investors own 97.79% of the company's stock.

California Resources Trading Down 1.1%

CRC stock opened at $53.53 on Thursday. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The firm's 50-day moving average is $53.70 and its 200 day moving average is $58.73. The company has a market capitalization of $4.75 billion, a PE ratio of -39.36 and a beta of 0.93. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.87%. California Resources's quarterly revenue was up 33.0% on a year-over-year basis. During the same period last year, the firm earned $1.10 earnings per share. On average, research analysts anticipate that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. California Resources's payout ratio is presently -119.12%.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 147,517 shares in the company, valued at $7,965,918. This trade represents a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock valued at $2,020,380 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Trending Headlines about California Resources

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
• Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
• Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
• Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power

Analyst Ratings Changes

A number of research analysts have weighed in on CRC shares. Stephens set a $85.00 price objective on shares of California Resources and gave the company an "overweight" rating in a research report on Friday, July 17th. Mizuho raised their target price on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Zacks Research downgraded shares of California Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 15th. Finally, Barclays reissued an "overweight" rating and issued a $77.00 price objective (down from $80.00) on shares of California Resources in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $72.55.

California Resources 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.

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