Key Points
- EVP Jay Bys sold 11,907 shares of California Resources stock on June 4 at an average price of $61.68, worth about $734,424. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his direct holdings fell 6.5%.
- The company recently reported quarterly EPS of $0.88, matching analyst estimates, but revenue came in far below expectations at $119 million versus $947.5 million expected. Revenue also declined 87% from the same quarter a year earlier.
- California Resources declared a quarterly dividend of $0.405 per share, payable on June 18, implying an annualized yield of about 2.8%. Analysts currently view the stock as a Moderate Buy with a consensus price target of $73.50.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the completion of the transaction, the executive vice president directly owned 171,331 shares in the company, valued at $10,567,696.08. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
California Resources Price Performance
NYSE CRC opened at $58.41 on Friday. The firm's fifty day simple moving average is $63.90 and its two-hundred day simple moving average is $56.27. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The firm has a market capitalization of $5.19 billion, a P/E ratio of -11.23 and a beta of 0.90.
California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period in the previous year, the company earned $1.07 earnings per share. The business's revenue for the quarter was down 87.0% on a year-over-year basis. Analysts forecast that California Resources Corporation will post 5.56 EPS for the current fiscal year.
California Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources's payout ratio is currently -31.15%.
Analysts Set New Price Targets
Several equities analysts have issued reports on the stock. Wall Street Zen raised shares of California Resources from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. Wells Fargo & Company lifted their price target on shares of California Resources from $72.00 to $76.00 and gave the stock an "overweight" rating in a report on Tuesday, March 17th. TD Cowen raised shares of California Resources to a "strong-buy" rating in a report on Monday, February 9th. UBS Group set a $78.00 price objective on shares of California Resources and gave the company a "buy" rating in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $73.50.
View Our Latest Analysis on CRC
Institutional Investors Weigh In On California Resources
Large investors have recently made changes to their positions in the stock. Valued Wealth Advisors LLC purchased a new stake in shares of California Resources during the first quarter valued at $29,000. Clearstead Advisors LLC grew its holdings in shares of California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock valued at $27,000 after buying an additional 226 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock valued at $25,000 after buying an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of California Resources during the fourth quarter valued at $26,000. Finally, Pinnacle Holdings LLC purchased a new stake in shares of California Resources during the fourth quarter valued at $27,000. 97.79% of the stock is owned by hedge funds and other institutional investors.
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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