Mark Allen Mcfarland Sells 16,372 Shares of California Resources (NYSE:CRC) Stock

California Resources Corporation (NYSE:CRC) Director Mark Allen Mcfarland sold 16,372 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $64.83, for a total value of $1,061,396.76. Following the transaction, the director owned 76,265 shares in the company, valued at $4,944,259.95. This trade represents a 17.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

California Resources Price Performance

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

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The company had revenue of $924.00 million for the quarter, compared to analysts’ expectations of $789.67 million. During the same period in the previous year, the business earned $0.91 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, research analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 13th will be paid a $0.405 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.6%. California Resources’s dividend payout ratio (DPR) is currently 39.71%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRC. Steward Partners Investment Advisory LLC purchased a new stake in shares of California Resources in the fourth quarter valued at approximately $26,000. Clearstead Advisors LLC boosted its stake in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares during the last quarter. Pinnacle Holdings LLC acquired a new position in California Resources during the fourth quarter worth $27,000. Salomon & Ludwin LLC purchased a new stake in California Resources in the 3rd quarter valued at $29,000. Finally, FNY Investment Advisers LLC purchased a new stake in California Resources in the 3rd quarter valued at $36,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Royal Bank Of Canada set a $70.00 price target on California Resources in a research note on Monday, January 5th. Wall Street Zen cut California Resources from a “hold” rating to a “sell” rating in a research report on Saturday. Wells Fargo & Company increased their price objective on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. Finally, Barclays lifted their target price on shares of California Resources from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.90.

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.