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

California Resources Corporation (NYSE:CRC) EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction on Monday, October 12th. The shares were 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 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

California Resources Price Performance

NYSE CRC opened at $53.22 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. The stock’s fifty day moving average price is $53.43 and its 200 day moving average price is $56.92. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a market cap of $4.73 billion, a price-to-earnings ratio of -39.13 and a beta of 1.02.

California Resources (NYSE:CRC) last issued its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same quarter last year, the business earned $1.10 EPS. The business’s revenue was up 33.0% on a year-over-year basis. As a group, equities research analysts forecast that California Resources Corporation will post 3.88 earnings per share for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a dividend of $0.4050 per share. This represents a $1.62 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources’s payout ratio is presently -119.12%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wall Street Zen cut California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Seaport Research Partners began coverage on California Resources in a research report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Roth Capital reiterated a “buy” rating and issued a $59.00 target price (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Assenagon Asset Management S.A. purchased a new stake in California Resources in the third quarter valued at $1,867,000. Fortitude Family Office LLC raised its stake in shares of California Resources by 1,073.6% during the 3rd quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock valued at $106,000 after buying an additional 1,911 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of California Resources by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer’s stock valued at $110,000 after buying an additional 296 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of California Resources by 83.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,819 shares of the oil and gas producer’s stock valued at $194,000 after buying an additional 1,733 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of California Resources in the 2nd quarter valued at about $109,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.