Insider Selling: California Resources (NYSE:CRC) COO Sells 23,000 Shares of Stock

Key Points

• COO Omar Hayat sold 23,000 shares on March 9 at an average price of $65.87 for a total of $1,515,010, cutting his stake by 21.86% to 82,236 shares valued at about $5.42M.
• California Resources shares fell 3.7% to $61.66 on the day with volume ~1.31M versus an average of ~870,828, and the stock has a market cap of $5.46B and a 52-week range of $30.97–$66.35.
• The company reported quarterly EPS $0.47 (missing estimates by $0.02) while revenue beat at $924M, and declared a $0.405 quarterly dividend (annualized $1.62) for an approximate 2.6% yield.

California Resources Corporation (NYSE:CRC - Get Free Report) COO Omar Hayat sold 23,000 shares of California Resources stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the transaction, the chief operating officer owned 82,236 shares of the company's stock, valued at $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

California Resources Stock Down 3.7%

California Resources stock traded down $2.38 during trading on Tuesday, hitting $61.66. 1,313,302 shares of the company were exchanged, compared to its average volume of 870,828. The business's 50 day moving average is $53.09 and its 200 day moving average is $50.48. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $66.35. The company has a market capitalization of $5.46 billion, a P/E ratio of 15.11 and a beta of 1.11. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35.

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

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 13th will be paid a $0.405 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.6%. California Resources's dividend payout ratio is presently 39.71%.

Institutional Trading of California Resources

A number of institutional investors have recently added to or reduced their stakes in CRC. American Century Companies Inc. lifted its holdings in shares of California Resources by 5.6% in the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock worth $159,882,000 after buying an additional 159,708 shares in the last quarter. Principal Financial Group Inc. grew its stake in California Resources by 23.9% during the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer's stock valued at $24,924,000 after acquiring an additional 90,466 shares in the last quarter. Channing Capital Management LLC bought a new stake in California Resources during the 3rd quarter worth approximately $6,205,000. Clayton Partners LLC increased its holdings in California Resources by 35.2% during the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer's stock worth $7,238,000 after acquiring an additional 35,461 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in California Resources in the 3rd quarter worth approximately $2,200,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRC shares. Weiss Ratings restated a "hold (c)" rating on shares of California Resources in a research note on Wednesday, January 21st. Zacks Research raised California Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, February 19th. Pickering Energy Partners cut California Resources from an "outperform" rating to a "neutral" rating in a research note on Friday, January 9th. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a report on Monday, January 5th. Finally, Wall Street Zen lowered shares of California Resources from a "hold" rating to a "sell" rating in a research report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $66.90.

California Resources Company 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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