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 of the company’s stock, valued at approximately $7,965,918. The trade was a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Stock Down 1.2%

CRC stock opened at $52.81 on Friday. The firm has a market capitalization of $4.69 billion, a PE ratio of -38.83 and a beta of 0.93. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The stock’s 50 day moving average is $53.54 and its 200-day moving average is $58.76.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.The company’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.10 EPS. Sell-side analysts expect that California Resources Corporation will post 3.53 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 3.1%. California Resources’s dividend payout ratio is presently -119.12%.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. raised its stake in shares of California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC grew its stake in shares of 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 worth $75,000 after acquiring an additional 214 shares during the period. iA Global Asset Management Inc. grew its stake in shares of California Resources by 4.4% during 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 acquiring an additional 230 shares during the period. EverSource Wealth Advisors LLC increased its holdings in California Resources by 13.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after acquiring an additional 268 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in California Resources by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock worth $281,000 after acquiring an additional 327 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on CRC. Barclays restated an “overweight” rating and set a $77.00 price target (down from $80.00) on shares of California Resources in a report on Tuesday. Citigroup decreased their price target on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. UBS Group cut their price objective on California Resources from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Stephens set a $85.00 price objective on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.55.

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.