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

Key Points

• California Resources EVP Jay Bys sold 11,907 shares on July 13 at an average price of $54.00, for total proceeds of about $642,978. The sale was made under a pre-arranged Rule 10b5-1 plan.
• The stock fell to $52.30 in Tuesday trading, below its 50-day and 200-day moving averages. California Resources has a market value of about $4.64 billion and a 1-year trading range of $43.24 to $71.98.
• The company recently reported Q1 earnings of $0.88 per share, matching estimates, but revenue came in far below expectations at $119 million and dropped sharply year over year. Analysts currently have a Moderate Buy consensus with an average price target of $71.90.

California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 159,424 shares in the company, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

Shares of California Resources stock traded down $1.04 on Tuesday, hitting $52.30. 773,035 shares of the company were exchanged, compared to its average volume of 910,518. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $57.67 and a 200 day moving average price of $57.76. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -10.06 and a beta of 0.92. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. The firm had revenue of $119.00 million during the quarter, compared to analysts' expectations of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business's revenue for the quarter was down 87.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. As a group, sell-side analysts predict that California Resources Corporation will post 5.24 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were given a dividend of $0.405 per share. The ex-dividend date was Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. California Resources's dividend payout ratio (DPR) is currently -31.15%.

Hedge Funds Weigh In On California Resources

A number of large investors have recently made changes to their positions in CRC. Vanguard Group Inc. grew its position in California Resources by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer's stock worth $392,335,000 after buying an additional 529,814 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of California Resources by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer's stock worth $186,968,000 after acquiring an additional 632,170 shares in the last quarter. State Street Corp grew its holdings in shares of California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer's stock worth $171,786,000 after acquiring an additional 491,751 shares during the period. Victory Capital Management Inc. grew its holdings in shares of 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 acquiring an additional 1,564,866 shares during the period. Finally, Sourcerock Group LLC increased its stake in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Wall Street Analyst Weigh In

CRC has been the topic of a number of recent research reports. Citigroup cut their price target on shares of California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. UBS Group reaffirmed a "buy" rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a research report on Monday. Wells Fargo & Company raised their price target on California Resources from $72.00 to $76.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 17th. Finally, Weiss Ratings lowered shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. One 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 stock. According to data from MarketBeat.com, California Resources has an average rating of "Moderate Buy" and a consensus price target of $71.90.

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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