Key Points
- Insider sale: EVP Jay Bys sold 11,907 California Resources shares at an average price of $54, generating $642,978. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his stake by 8.78% to 123,703 shares.
- Financial performance: California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings per share of $0.99 missed analysts’ $1.36 estimate. The company pays a $1.62 annualized dividend, yielding about 3.0%.
- Analyst and institutional sentiment: Analysts maintain a “Moderate Buy” consensus with an average price target of $74.44, compared with shares near $54. Institutional investors own 97.79% of the stock, with several major funds recently building positions.
California Resources Corporation (NYSE:CRC - Get Free Report) EVP Jay Bys sold 11,907 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 123,703 shares of the company's stock, valued at $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
California Resources Stock Performance
Shares of CRC stock opened at $54.02 on Thursday. The company's fifty day simple moving average is $53.42 and its 200-day simple moving average is $57.03. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The company has a market cap of $4.80 billion, a PE ratio of -39.72 and a beta of 1.02.
California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the previous year, the firm posted $1.10 EPS. The business's revenue was up 33.0% compared to the same quarter last year. As a group, equities research analysts anticipate that California Resources Corporation will post 3.93 EPS for the current year.
California Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.4050 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources's dividend payout ratio (DPR) is -119.12%.
Analysts Set New Price Targets
A number of research analysts have commented on CRC shares. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Seaport Research Partners started coverage on California Resources in a research note on Thursday, September 3rd. They issued a "neutral" rating for the company. Stephens dropped their target price on California Resources from $93.00 to $91.00 and set an "overweight" rating on the stock in a report on Friday, September 18th. Finally, Weiss Ratings upgraded California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average target price of $74.44.
View Our Latest Research Report on California Resources
Institutional Investors Weigh In On California Resources
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. Bank of New York Mellon Corp acquired a new position in California Resources in the 2nd quarter worth $63,205,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of California Resources during the first quarter worth about $62,698,000. Bank of America Corp DE increased its position in shares of California Resources by 57.1% during the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock worth $40,543,000 after acquiring an additional 212,827 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of California Resources in the second quarter worth about $4,022,000. Finally, Fifth Third Bancorp lifted its stake in shares of California Resources by 12,134.0% in the first quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer's stock worth $4,912,000 after acquiring an additional 70,377 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.
California Resources Company Profile
(
Get Free Report)
California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California's energy and environmental objectives.
CRC's operations are concentrated in California, with assets spanning several of the state's major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.
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