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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the sale, the executive vice president directly owned 171,331 shares in the company, valued at $10,567,696.08. This trade represents a 6.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Down 4.3%

Shares of NYSE CRC opened at $58.41 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $5.19 billion, a PE ratio of -11.23 and a beta of 0.90. The stock’s fifty day simple moving average is $63.90 and its two-hundred day simple moving average is $56.27. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.88. The business had revenue of $119.00 million for 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 EPS. As a group, analysts expect that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s dividend payout ratio (DPR) is -31.15%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company increased their target price on California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Mizuho increased their price objective on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group set a $78.00 price objective on California Resources and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Zacks Research lowered California Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average target price of $73.50.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in California Resources by 57.1% in the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after acquiring an additional 212,827 shares during the last quarter. Janus Henderson Group PLC raised its stake in California Resources by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock worth $33,254,000 after acquiring an additional 54,703 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in California Resources by 13.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after acquiring an additional 268 shares during the last quarter. California State Teachers Retirement System raised its stake in California Resources by 25.4% in the 1st quarter. California State Teachers Retirement System now owns 76,343 shares of the oil and gas producer’s stock worth $5,284,000 after acquiring an additional 15,486 shares during the last quarter. Finally, Readystate Asset Management LP purchased a new position in California Resources in the 1st quarter worth $1,663,000. Hedge funds and other institutional investors 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.