California Resources (NYSE:CRC) EVP Jay Bys Sells 11,907 Shares of Stock

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly owned 171,331 shares of the company’s stock, valued at approximately $10,567,696.08. The trade was a 6.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Down 4.3%

Shares of NYSE CRC opened at $58.41 on Friday. 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 company has a market cap of $5.19 billion, a P/E ratio of -11.23 and a beta of 0.90. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The firm has a 50-day simple moving average of $63.90 and a two-hundred day simple moving average of $56.27.

California Resources (NYSE:CRC) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $947.50 million. During the same quarter last year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was down 87.0% compared to the same quarter last year. Research analysts anticipate that California Resources Corporation will post 5.56 earnings per share for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s payout ratio is currently -31.15%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRC. Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $74.00 to $78.00 in a research note on Wednesday, May 20th. UBS Group set a $78.00 price target on shares of California Resources and gave the company a “buy” rating in a research note on Monday, May 11th. Barclays lifted their price target on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, TD Cowen raised shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.50.

Hedge Funds Weigh In On California Resources

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in California Resources by 6.4% in the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock worth $392,335,000 after buying an additional 529,814 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in California Resources by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after buying an additional 632,170 shares in the last quarter. State Street Corp raised its stake in California Resources by 14.7% in the fourth quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock worth $171,786,000 after buying an additional 491,751 shares in the last quarter. American Century Companies Inc. raised its stake in California Resources by 5.6% in the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock worth $159,882,000 after buying an additional 159,708 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in California Resources by 200.7% in the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after buying an additional 1,564,866 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

About California Resources

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.