Noelle M. Repetti Sells 10,000 Shares of California Resources Co. (NYSE:CRC) Stock

by · The Markets Daily

California Resources Co. (NYSE:CRC – Get Free Report) VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

California Resources Stock Performance

California Resources stock opened at $52.77 on Friday. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm has a market cap of $3.62 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.19 and a beta of 0.98. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $58.44. The firm has a 50-day moving average of $50.15 and a 200-day moving average of $51.07.

California Resources (NYSE:CRC – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the business posted $0.53 EPS. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. Sell-side analysts expect that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.3875 per share. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s payout ratio is presently 44.41%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRC. Quadrant Capital Group LLC boosted its stake in shares of California Resources by 92.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after purchasing an additional 722 shares in the last quarter. Franklin Resources Inc. lifted its holdings in California Resources by 26.7% in the fourth quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock worth $1,223,000 after buying an additional 4,720 shares during the period. US Bancorp DE boosted its position in California Resources by 3,737.6% during the 4th quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock valued at $743,000 after acquiring an additional 13,231 shares in the last quarter. TD Asset Management Inc purchased a new position in shares of California Resources during the 4th quarter worth approximately $2,149,000. Finally, TFO Wealth Partners LLC raised its position in shares of California Resources by 67,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after acquiring an additional 1,356 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRC has been the subject of a number of recent research reports. TD Cowen initiated coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective for the company. Citigroup boosted their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Bank of America raised 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 reduced their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Read Our Latest Stock Report on CRC

California Resources Company Profile

(Get Free Report)

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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