California Resources Co. (NYSE:CRC) EVP Sells $883,762.88 in Stock

California Resources Co. (NYSE:CRC - Get Free Report) EVP Omar Hayat sold 16,016 shares of the business's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

California Resources Stock Down 0.6 %

Shares of CRC traded down $0.31 during midday trading on Friday, reaching $54.93. 497,742 shares of the stock were exchanged, compared to its average volume of 827,937. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 8.69, a P/E/G ratio of 1.35 and a beta of 1.01. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The firm has a 50 day simple moving average of $55.09 and a 200-day simple moving average of $51.87.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same quarter last year, the firm earned $1.02 earnings per share. The company's revenue for the quarter was up 194.1% on a year-over-year basis. Research analysts forecast that California Resources Co. will post 3.58 EPS for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources's payout ratio is 24.41%.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of analyst reports. TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Stephens initiated coverage on shares of California Resources in a research report on Tuesday, October 22nd. They issued an "overweight" rating and a $73.00 target price on the stock. UBS Group started coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective for the company. Bank of America raised shares of California Resources from a "neutral" rating to a "buy" rating and boosted their target price for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Barclays raised their target price on California Resources from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 3rd. Two 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. According to data from MarketBeat, California Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.40.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its stake in California Resources by 2,615.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer's stock valued at $44,865,000 after purchasing an additional 811,963 shares during the period. Samlyn Capital LLC bought a new position in California Resources during the second quarter worth $28,566,000. Weiss Asset Management LP bought a new stake in California Resources in the 3rd quarter valued at $28,043,000. American Century Companies Inc. grew its position in California Resources by 18.1% in the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer's stock worth $86,825,000 after purchasing an additional 250,367 shares during the last quarter. Finally, SIR Capital Management L.P. bought a new position in shares of California Resources during the 2nd quarter worth about $11,820,000. Institutional investors and hedge funds own 97.79% of the company's stock.

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.

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