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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 135,610 shares in the company, valued at $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Up 2.2%

Shares of CRC traded up $1.21 during trading hours on Tuesday, reaching $55.43. 1,166,788 shares of the stock traded hands, compared to its average volume of 738,497. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The stock has a fifty day simple moving average of $52.66 and a 200 day simple moving average of $58.61. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The company has a market cap of $4.92 billion, a price-to-earnings ratio of -40.76 and a beta of 0.90.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same period last year, the firm posted $1.10 earnings per share. California Resources’s quarterly revenue was up 33.0% compared to the same quarter last year. On average, equities analysts forecast that California Resources Corporation will post 3.9 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, September 4th. California Resources’s payout ratio is currently -119.12%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CRC shares. Mizuho increased their target price 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. Citigroup cut their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. UBS Group reduced their price objective on shares of California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Seaport Research Partners initiated coverage on California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus target price of $72.27.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of California Resources by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after acquiring an additional 632,170 shares during the period. California State Teachers Retirement System increased its holdings in California Resources by 5,203.8% during the 2nd quarter. California State Teachers Retirement System now owns 4,049,102 shares of the oil and gas producer’s stock worth $214,076,000 after acquiring an additional 3,972,759 shares during the period. State Street Corp lifted its stake in 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 purchasing an additional 491,751 shares in the last quarter. Victory Capital Management Inc. lifted its stake in 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 purchasing an additional 1,564,866 shares in the last quarter. Finally, Sourcerock Group LLC boosted its holdings 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 during the period. 97.79% of the stock is currently owned by institutional investors.

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.