Key Points
- Director Mark Allen Mcfarland sold 16,372 shares of California Resources on March 6 at an average price of $64.83, generating about $1.06 million and cutting his stake by 17.67 to 76,265 shares (≈$4.94 million).
- California Resources declared a quarterly dividend of $0.405 per share (annualized $1.62, ~2.5% yield), with record and ex-dividend dates on March 13 and payment on March 20.
- Q results showed a $0.47 EPS (missed by $0.02) but revenue of $924M beat estimates, with revenue up 5.4% year-over-year; analysts have a consensus "Moderate Buy" rating and an average price target of $66.90.
California Resources Corporation (NYSE:CRC - Get Free Report) Director Mark Allen Mcfarland sold 16,372 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $64.83, for a total value of $1,061,396.76. Following the sale, the director directly owned 76,265 shares in the company, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
California Resources Trading Down 1.1%
Shares of NYSE:CRC opened at $64.03 on Tuesday. 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 Corporation has a 12-month low of $30.97 and a 12-month high of $66.35. The business has a 50 day moving average of $53.09 and a two-hundred day moving average of $50.48. The company has a market capitalization of $5.67 billion, a PE ratio of 15.69 and a beta of 1.11.
California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm had revenue of $924.00 million for the quarter, compared to analysts' expectations of $789.67 million. During the same period last year, the firm earned $0.91 earnings per share. California Resources's revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.
California Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. California Resources's dividend payout ratio is presently 39.71%.
Wall Street Analyst Weigh In
CRC has been the topic of several research analyst reports. Barclays raised their price objective on California Resources from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday, March 3rd. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, February 19th. Royal Bank Of Canada set a $70.00 price target on California Resources in a research report on Monday, January 5th. Wells Fargo & Company upped their target price on shares of California Resources from $56.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, March 4th. Finally, Weiss Ratings reissued 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $66.90.
Check Out Our Latest Stock Report on California Resources
Hedge Funds Weigh In On California Resources
Several institutional investors and hedge funds have recently bought and sold shares of the company. EMC Capital Management purchased a new stake in shares of California Resources in the 4th quarter valued at approximately $42,000. Invesco Ltd. raised its position in shares of California Resources by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer's stock valued at $49,273,000 after buying an additional 32,460 shares during the period. Mackenzie Financial Corp raised its position in shares of California Resources by 8.2% during the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer's stock valued at $504,000 after buying an additional 862 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in California Resources by 12.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,616,761 shares of the oil and gas producer's stock valued at $72,285,000 after acquiring an additional 174,154 shares during the last quarter. Finally, Empowered Funds LLC grew its position in California Resources by 116.0% in the fourth quarter. Empowered Funds LLC now owns 100,631 shares of the oil and gas producer's stock worth $4,499,000 after acquiring an additional 54,041 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.
California Resources Company Profile
(
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.
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