Key Points
- VP Noelle Repetti sold 8,564 shares at an average price of $63.71 on March 5, generating about $545,612 and reducing her ownership by 52.71% to 7,684 shares.
- California Resources missed EPS estimates (Q: $0.47 vs. $0.49 expected) but beat on revenue ($924M), declared a $0.405 quarterly dividend (annualized $1.62, ~2.5% yield), and holds a consensus "Moderate Buy" target of $66.90.
California Resources Corporation (NYSE:CRC - Get Free Report) VP Noelle Repetti sold 8,564 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president directly owned 7,684 shares of the company's stock, valued at approximately $489,547.64. This represents a 52.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
California Resources Trading Up 2.2%
NYSE CRC opened at $64.97 on Friday. The business's 50-day moving average price is $52.71 and its two-hundred day moving average price is $50.33. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $65.68. The firm has a market capitalization of $5.76 billion, a PE ratio of 15.92 and a beta of 1.12. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.
California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.California Resources's revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 earnings per share. On average, analysts expect that California Resources Corporation will post 3.85 EPS for the current year.
California Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.5%. California Resources's dividend payout ratio (DPR) is presently 39.71%.
Analysts Set New Price Targets
Several equities research analysts recently commented on the company. Royal Bank Of Canada set a $70.00 target price on California Resources in a research note on Monday, January 5th. TD Cowen raised shares of California Resources to a "strong-buy" rating in a research note on Monday, February 9th. Zacks Research raised shares of California Resources from a "strong sell" rating to a "hold" rating in a research report on Thursday, February 19th. Wall Street Zen lowered California Resources from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of California Resources in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $66.90.
Read Our Latest Report on CRC
Institutional Investors Weigh In On California Resources
Several institutional investors have recently bought and sold shares of CRC. Federated Hermes Inc. lifted its stake in California Resources by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock valued at $209,000 after acquiring an additional 195 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock valued at $75,000 after purchasing an additional 214 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of California Resources by 29.7% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 219 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock worth $27,000 after purchasing an additional 226 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its stake in California Resources by 4.4% in the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer's stock valued at $243,000 after buying an additional 230 shares during the last quarter. Institutional investors own 97.79% of the company's stock.
About California Resources
(
Get Free Report)
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.
Further Reading
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