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

Key Points

• Executive Vice President Jay Bys sold 11,907 California Resources shares at an average price of $54, generating $642,978. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his holdings by 8.07% to 135,610 shares.
• CRC shares recently traded at $55.43, while the company’s latest quarterly revenue rose 33% year over year to $1.30 billion; however, adjusted earnings of $0.99 per share missed analysts’ $1.36 estimate.
• The company declared a quarterly dividend of $0.405 per share, equal to a 2.9% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $72.27.

California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 135,610 shares in the company, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their position. The transaction 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

NYSE:CRC traded up $1.21 during mid-day trading on Tuesday, hitting $55.43. 1,166,788 shares of the stock were exchanged, compared to its average volume of 738,497. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of -40.76 and a beta of 0.90. The firm's 50-day simple moving average is $52.66 and its 200 day simple moving average is $58.61.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data 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). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. During the same period in the prior year, the firm earned $1.10 EPS. The business's revenue for the quarter was up 33.0% on a year-over-year basis. As a group, equities analysts anticipate that California Resources Corporation will post 3.9 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 2.9%. California Resources's payout ratio is presently -119.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRC shares. Barclays set a $74.00 price target on shares of California Resources and gave the company an "overweight" rating in a research note on Monday, August 17th. UBS Group decreased their price target on California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Seaport Research Partners assumed coverage on shares of California Resources in a report on Thursday, September 3rd. They set a "neutral" rating for the company. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Finally, Mizuho increased their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $72.27.

Institutional Investors Weigh In On California Resources

Several large investors have recently added to or reduced their stakes in CRC. Valued Wealth Advisors LLC bought a new position in shares of California Resources during the 1st quarter worth approximately $29,000. Rockefeller Capital Management L.P. increased its stake in shares of California Resources by 363.6% in 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 acquiring an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of California Resources during the 4th quarter valued at $26,000. Pinnacle Holdings LLC acquired a new position in shares of California Resources during the 4th quarter valued at $27,000. Finally, EMC Capital Management bought a new position in California Resources during the fourth quarter worth $42,000. Institutional investors and hedge funds own 97.79% of the company's stock.

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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