Insider Selling: California Resources Co. (NYSE:CRC) EVP Sells 16,016 Shares of Stock

California Resources Co. (NYSE:CRC) EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

California Resources Stock Down 0.6 %

California Resources stock traded down $0.31 during midday trading on Friday, reaching $54.93. The stock had a trading volume of 497,742 shares, compared to its average volume of 827,937. The stock has a market capitalization of $3.73 billion, a P/E ratio of 8.69, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. The firm’s fifty day simple moving average is $55.09 and its 200-day simple moving average is $51.87. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 EPS. As a group, analysts expect that California Resources Co. will post 3.58 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is presently 24.41%.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the period. Point72 DIFC Ltd bought a new position in California Resources during the third quarter worth about $70,000. KBC Group NV increased its position in California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC raised its stake in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after buying an additional 276 shares during the period. Finally, Atria Investments Inc acquired a new stake in shares of California Resources in the third quarter valued at approximately $209,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday. Stephens initiated coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Jefferies Financial Group started coverage on California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price for the company. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Barclays boosted their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.