Key Points
- COO Omar Hayat sold 23,000 shares on March 9 at an average price of $65.87 for about $1.515 million, reducing his direct stake to 82,236 shares (a 21.86% decrease) — the transaction was disclosed in an SEC filing.
- The company declared a quarterly dividend of $0.405 per share (annualized $1.62) payable March 20 with an ex‑dividend/record date of March 13, implying a yield of roughly 2.6% and a payout ratio near 39.7%.
- In the latest quarter CRC reported $0.47 EPS (missing estimates by $0.02) while revenue topped estimates at $924 million and rose 5.4% year‑over‑year; analysts on average rate the stock a "Moderate Buy" with a consensus price target around $66.90 and full‑year EPS consensus of $3.85.
California Resources Corporation (NYSE:CRC - Get Free Report) COO Omar Hayat sold 23,000 shares of the company's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the sale, the chief operating officer directly owned 82,236 shares of the company's stock, valued at approximately $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
California Resources Stock Performance
Shares of CRC opened at $61.66 on Wednesday. The company has a 50-day moving average of $53.43 and a two-hundred day moving average of $50.57. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 15.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. California Resources Corporation has a one year low of $30.97 and a one year high of $66.35.
California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.02). The firm had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. On average, equities research analysts expect that California Resources Corporation will post 3.85 earnings per share for the current year.
California Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 13th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. California Resources's payout ratio is presently 39.71%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. UBS Group lifted their target price on California Resources from $63.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Mizuho raised their price target on shares of California Resources from $71.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, December 12th. Wells Fargo & Company upped their price objective on shares of California Resources from $56.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, March 4th. Barclays increased their target price on shares of California Resources from $65.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. Finally, Wall Street Zen cut shares of California Resources from a "hold" rating to a "sell" rating in a report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, California Resources presently has an average rating of "Moderate Buy" and a consensus price target of $66.90.
Read Our Latest Analysis on CRC
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in California Resources by 89.1% in the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer's stock worth $2,046,000 after purchasing an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in California Resources by 6.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer's stock valued at $1,832,000 after purchasing an additional 2,394 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of California Resources by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer's stock valued at $28,916,000 after purchasing an additional 181,833 shares during the period. Empowered Funds LLC raised its position in shares of California Resources by 3.8% in the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer's stock valued at $2,233,000 after purchasing an additional 1,857 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of California Resources by 17.7% in the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer's stock worth $1,401,000 after buying an additional 4,783 shares during the last quarter. Institutional investors and hedge funds 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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
