Key Points
- California Resources EVP Jay Bys sold 11,907 shares on July 13 at an average price of $54.00, totaling about $642,978. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and Bys still directly owns 159,424 shares.
- CRC shares were down about 2% and opened at $52.30, with the stock trading below both its 50-day and 200-day moving averages. The company’s market cap is about $4.64 billion, and its 1-year range is $43.24 to $71.98.
- Wall Street remains moderately bullish on California Resources, with analysts giving the stock a consensus “Moderate Buy” and an average price target of $71.90. Recent reports included price-target cuts from Citi and UBS, while Wells Fargo maintained an overweight rating.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of the company's stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
California Resources Trading Down 2.0%
NYSE:CRC opened at $52.30 on Wednesday. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The stock has a fifty day moving average price of $57.32 and a two-hundred day moving average price of $57.81. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -10.06 and a beta of 0.92.
California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 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 company 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 firm earned $1.07 EPS. The business's revenue was down 87.0% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources Corporation will post 5.24 earnings per share for the current fiscal year.
California Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were paid a $0.405 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.62 annualized dividend and a dividend yield of 3.1%. California Resources's dividend payout ratio (DPR) is -31.15%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of CRC. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 200.7% in the 4th 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 last quarter. Channing Capital Management LLC grew its stake in shares of California Resources by 1,263.4% during the 4th quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer's stock valued at $71,121,000 after buying an additional 1,474,037 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of California Resources during the 1st quarter worth $62,698,000. Sourcerock Group LLC increased its holdings 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 worth $91,370,000 after buying an additional 779,280 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of California Resources by 155.8% in the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock worth $48,527,000 after buying an additional 647,190 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.
Analysts Set New Price Targets
CRC has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Zacks Research cut California Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Wells Fargo & Company raised their price objective on California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. Finally, UBS Group reaffirmed a "buy" rating and set a $70.00 price objective (down from $78.00) on shares of California Resources in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $71.90.
Get Our Latest Report on CRC
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.
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