Key Points
- Insider transaction: EVP Jay Bys sold 11,907 California Resources shares for approximately $643,000, reducing his holdings by 7.47% to 147,517 shares. The sale was executed under a pre-arranged Rule 10b5-1 trading plan.
- Quarterly results: CRC reported $0.99 in earnings per share, missing the $1.36 analyst consensus, while revenue increased 33% year over year to $1.30 billion. The company declared a quarterly dividend of $0.405, equivalent to a 3.0% annualized yield.
- Analyst outlook: Analysts maintain a generally positive view, with a “Moderate Buy” consensus rating and an average price target of $72.55 versus the referenced share price near $53.53.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares in the company, valued at $7,965,918. The trade was a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
California Resources Trading Down 1.1%
Shares of California Resources stock opened at $53.53 on Thursday. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. The company's fifty day simple moving average is $53.70 and its 200-day simple moving average is $58.73. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The stock has a market capitalization of $4.75 billion, a PE ratio of -39.36 and a beta of 0.93.
California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.California Resources's revenue for the quarter was up 33.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 earnings per share. As a group, equities analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current year.
California Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. California Resources's dividend payout ratio is presently -119.12%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. Citigroup lowered their price objective on California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Mizuho raised their target price on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Stephens set a $85.00 price target on shares of California Resources and gave the stock an "overweight" rating in a research report on Friday, July 17th. Zacks Research cut shares of California Resources from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Finally, Barclays restated an "overweight" rating and set a $77.00 target price (down from $80.00) on shares of California Resources in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.55.
Get Our Latest Analysis on California Resources
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in CRC. Rockefeller Capital Management L.P. boosted its stake in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources during the fourth quarter valued at approximately $26,000. Pinnacle Holdings LLC purchased a new position in shares of California Resources in the fourth quarter worth $27,000. Valued Wealth Advisors LLC bought a new position in shares of California Resources during the first quarter worth $29,000. Finally, EMC Capital Management purchased a new position in California Resources during the fourth quarter valued at $42,000. 97.79% of the stock is owned by hedge funds and other institutional investors.
Trending Headlines about California Resources
Here are the key news stories impacting California Resources this week:
- Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
- Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
- Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
- Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
- Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
- Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power
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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