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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 147,517 shares in the company, valued at approximately $7,965,918. This represents a 7.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

CRC traded down $0.60 on Wednesday, hitting $53.53. 628,682 shares of the company were exchanged, compared to its average volume of 896,946. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week 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 firm has a market capitalization of $4.75 billion, a P/E ratio of -39.36 and a beta of 0.93. The business’s fifty day moving average is $53.88 and its 200 day moving average is $58.70.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations 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 was up 33.0% compared to the same quarter last year. During the same period last year, the firm earned $1.10 EPS. As a group, sell-side analysts anticipate that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources’s payout ratio is currently -119.12%.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in shares of California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after acquiring an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in California Resources by 6.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after purchasing an additional 2,394 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares in the last quarter. Empowered Funds LLC lifted its holdings in California Resources by 3.8% in the 1st 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 boosted its stake in shares of California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after purchasing an additional 4,783 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRC. Mizuho raised their price target on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. UBS Group decreased their price objective on shares of California Resources from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Barclays restated an “overweight” rating and set a $77.00 target price (down from $80.00) on shares of California Resources in a report on Tuesday. Finally, Zacks Research cut shares of California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.55.

Key California Resources News

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target from $70 to $67 but maintained a Buy rating, implying substantial potential upside from recent trading levels. The revised target still reflects confidence in CRC’s longer-term prospects. Benzinga
• Positive Sentiment: Management highlighted operating efficiency, strategic midstream growth and progress on carbon capture and storage initiatives during its earnings call. These efforts could improve cost control, diversify cash flow and strengthen CRC’s integrated-energy strategy. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: California Resources agreed to acquire Crimson Midstream’s California pipeline platform for approximately $63 million. The transaction would expand CRC’s control over transportation infrastructure and may create operational synergies and additional midstream revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Coverage of second-quarter results emphasized midstream expansion, operational efficiencies and the CCS push as potential reasons to reconsider CRC’s investment case. However, investors are likely seeking evidence that these initiatives can translate into sustained earnings and cash-flow growth. CRC’s Q2 Beat, CCS Push and Pipeline Deal
• Negative Sentiment: Analysts noted that hedges are reducing CRC’s ability to benefit fully from stronger oil prices. In addition, the company’s reported quarterly EPS missed consensus expectations, despite revenue growth, keeping pressure on near-term profitability and investor sentiment. California Resources: Executing on Strategic Priorities But Hedges Sap Away Earnings Power

California Resources Company Profile

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.