California Resources (NYSE:CRC) Director William Roby Acquires 467 Shares

California Resources Corporation (NYSE:CRC) Director William Roby acquired 467 shares of the stock in a transaction on Wednesday, November 12th. The shares were acquired at an average price of $47.62 per share, with a total value of $22,238.54. Following the transaction, the director directly owned 57,179 shares of the company’s stock, valued at $2,722,863.98. The trade was a 0.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

California Resources Price Performance

Shares of NYSE CRC traded down $0.67 during mid-day trading on Friday, hitting $48.21. 616,886 shares of the company’s stock traded hands, compared to its average volume of 957,578. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.08. The company’s 50-day moving average is $50.61 and its two-hundred day moving average is $47.42. The company has a market capitalization of $4.04 billion, a P/E ratio of 11.23 and a beta of 1.15.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.15. The company had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, equities analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.405 dividend. This is an increase from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, December 1st. California Resources’s payout ratio is currently 36.05%.

Institutional Trading of California Resources

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its stake in shares of California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 219 shares during the period. Clearstead Advisors LLC increased 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 purchasing an additional 226 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of California Resources by 21.1% in the third quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 236 shares during the period. Xponance Inc. grew its holdings in shares of California Resources by 4.7% in the third quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock valued at $282,000 after purchasing an additional 237 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in California Resources by 2.4% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 16,364 shares of the oil and gas producer’s stock worth $870,000 after buying an additional 386 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays raised their price target on shares of California Resources from $66.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Citigroup increased their price objective on shares of California Resources from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research report on Wednesday, October 8th. Roth Capital set a $63.00 price target on California Resources in a research report on Monday, September 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

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.