California Resources (NYSE:CRC) COO Omar Hayat Sells 23,000 Shares of Stock

California Resources Corporation (NYSE:CRC) COO Omar Hayat sold 23,000 shares of California Resources stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the completion of the sale, the chief operating officer owned 82,236 shares of the company’s stock, valued at $5,416,885.32. This trade represents a 21.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

California Resources Stock Down 3.7%

Shares of NYSE CRC opened at $61.66 on Wednesday. The stock has a market capitalization of $5.46 billion, a PE ratio of 15.11 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average of $53.43 and a 200-day moving average of $50.57. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $66.35.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same period last year, the business posted $0.91 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. California Resources’s payout ratio is currently 39.71%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRC. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research report on Monday, January 5th. Wells Fargo & Company increased their price objective on shares of California Resources from $56.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. UBS Group upped their price target on shares of California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Finally, Pickering Energy Partners downgraded shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average price target of $66.90.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. raised its stake in shares of California Resources by 4.3% in the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after purchasing an additional 195 shares in the last quarter. Quadrant Capital Group LLC increased its stake in California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after buying an additional 214 shares during the period. Nisa Investment Advisors LLC lifted its position in California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 219 shares during the period. Clearstead Advisors LLC boosted its stake in California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its stake in shares of California Resources by 4.4% in the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after buying an additional 230 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.