Key Points
- Christopher Gould sold 24,347 shares of California Resources (NYSE:CRC) on March 11 at an average price of $62.21, receiving about $1.51 million and reducing his stake by 15.62% to 131,537 shares (~$8.18M).
- California Resources reported quarterly EPS of $0.47 (vs. $0.49 expected) with revenue of $924 million, and declared a quarterly dividend of $0.405 (annualized $1.62, yield 2.6%) with an ex‑dividend date of March 13; the stock trades near $61.54, has a $5.45B market cap, and carries an average analyst rating of "Moderate Buy" with a $66.90 price target.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Christopher Gould sold 24,347 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the completion of the sale, the executive vice president directly owned 131,537 shares of the company's stock, valued at $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
California Resources Price Performance
NYSE:CRC traded down $0.58 during trading hours on Friday, hitting $61.54. 293,981 shares of the stock traded hands, compared to its average volume of 879,981. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $66.35. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 15.08 and a beta of 1.12. The stock has a 50 day moving average price of $54.15 and a 200 day moving average price of $50.73.
California Resources (NYSE:CRC - Get Free Report) last announced 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 firm had revenue of $924.00 million during the quarter, compared to analysts' expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the company earned $0.91 earnings per share. Sell-side analysts forecast that California Resources Corporation will post 3.85 EPS for the current fiscal year.
California Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources's dividend payout ratio is presently 39.71%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in California Resources by 200.7% during the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer's stock valued at $104,822,000 after purchasing an additional 1,564,866 shares during the period. Channing Capital Management LLC boosted its holdings in shares of California Resources by 1,263.4% in the 4th quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer's stock worth $71,121,000 after purchasing an additional 1,474,037 shares during the period. Sourcerock Group LLC increased its position in shares of California Resources by 63.8% during 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 last quarter. Invesco Ltd. increased its position in shares of California Resources by 155.8% during the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock valued at $48,527,000 after purchasing an additional 647,190 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in California Resources by 17.8% during the 4th 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 buying an additional 632,170 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the company. Wall Street Zen downgraded California Resources from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. Mizuho lifted their target price on California Resources from $71.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, December 12th. Pickering Energy Partners cut California Resources from an "outperform" rating to a "neutral" rating in a report on Friday, January 9th. Weiss Ratings restated a "hold (c)" rating on shares of California Resources in a research note on Wednesday, January 21st. Finally, Barclays increased their price objective on shares of California Resources from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $66.90.
Get Our Latest Research Report on CRC
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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