California Resources (NYSE:CRC) EVP Sells 11,907 Shares of Company Stock

Key Points

• California Resources EVP Jay Bys sold 11,907 shares at an average price of $54, totaling $642,978. The Rule 10b5-1 transaction reduced his position by 8.78%, leaving him with 123,703 shares.
• CRC shares were down 0.4% at $54.02, while the company’s latest quarterly results missed earnings expectations despite revenue rising 33% year over year to $1.30 billion.
• The company pays a quarterly dividend of $0.405, equivalent to a 3.0% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $74.44.

California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of the company's stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president owned 123,703 shares of the company's stock, valued at $6,679,962. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a document filed 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 Stock Down 0.4%

Shares of NYSE:CRC traded down $0.20 during midday trading on Wednesday, reaching $54.02. 1,086,698 shares of the company were exchanged, compared to its average volume of 832,146. 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 quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $53.42 and a two-hundred day simple moving average of $57.03. The firm has a market cap of $4.80 billion, a PE ratio of -39.72 and a beta of 1.02.

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 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 the consensus estimate of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The company's revenue was up 33.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 earnings per share. As a group, sell-side analysts forecast that California Resources Corporation will post 3.93 earnings per share for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.4050 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources's payout ratio is -119.12%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. UBS Group reiterated a "buy" rating and set a $68.00 price objective (down from $73.00) on shares of California Resources in a report on Monday. Stifel Nicolaus initiated coverage on California Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $68.00 target price on the stock. Weiss Ratings upgraded California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Roth Capital reaffirmed a "buy" rating and set a $59.00 price target (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. Finally, Zacks Research raised California Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, California Resources has a consensus rating of "Moderate Buy" and an average price target of $74.44.

Institutional Trading of California Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its stake in shares of California Resources by 13.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock valued at $155,000 after buying an additional 268 shares in the last quarter. GAMMA Investing LLC lifted its stake in California Resources by 15.8% in the third quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer's stock valued at $110,000 after acquiring an additional 296 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of California Resources by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer's stock valued at $281,000 after acquiring an additional 327 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of California Resources by 2.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer's stock valued at $929,000 after acquiring an additional 413 shares during the period. Finally, Valued Wealth Advisors LLC acquired a new position in shares of California Resources during the 1st quarter worth about $29,000. Institutional investors own 97.79% of the company's stock.

California Resources Company Profile

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.

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