Key Points
- Executive vice president Jay Bys sold 11,907 California Resources shares at an average price of $54, generating $642,978 under a pre-arranged Rule 10b5-1 plan. He retained 135,610 shares after the sale.
- California Resources reported quarterly EPS of $0.99, missing the $1.36 analyst consensus, while revenue rose 33% year over year to $1.30 billion.
- The company declared a quarterly dividend of $0.405 per share, equivalent to an annualized $1.62 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $72.27.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 135,610 shares in the company, valued at $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
California Resources Stock Up 2.2%
Shares of California Resources stock opened at $55.43 on Wednesday. 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 $4.92 billion, a PE ratio of -40.76 and a beta of 0.90. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The stock's fifty day moving average is $52.66 and its 200-day moving average is $58.61.
California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share 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 analyst estimates of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The company's revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 EPS. Equities analysts anticipate that California Resources Corporation will post 3.9 earnings per share for the current year.
California Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. California Resources's dividend payout ratio is currently -119.12%.
Analysts Set New Price Targets
CRC has been the topic of several analyst reports. Barclays set a $74.00 target price on shares of California Resources and gave the stock an "overweight" rating in a research report on Monday, August 17th. Seaport Research Partners assumed coverage on shares of California Resources in a research report on Thursday, September 3rd. They issued a "neutral" rating for the company. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Zacks Research upgraded shares of California Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 26th. Finally, Weiss Ratings upgraded shares of California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $72.27.
View Our Latest Stock Analysis on California Resources
Institutional Investors Weigh In On California Resources
Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of 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 valued at $2,046,000 after purchasing an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 worth $1,832,000 after purchasing an additional 2,394 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer's stock worth $28,916,000 after purchasing an additional 181,833 shares during the period. Empowered Funds LLC grew its position in California Resources by 3.8% during 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 in the last quarter. Finally, Intech Investment Management LLC grew its position in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer's stock valued at $1,401,000 after purchasing an additional 4,783 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.
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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