Insider Buying: California Resources Co. (NYSE:CRC) Director Acquires 20,895 Shares of Stock

California Resources Co. (NYSE:CRC) Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares in the company, valued at $1,180,062. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

California Resources Price Performance

Shares of CRC stock traded up $0.80 during trading on Tuesday, hitting $48.59. The company had a trading volume of 692,834 shares, compared to its average volume of 909,189. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.29 and a current ratio of 1.41. The firm has a market capitalization of $3.33 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 0.83 and a beta of 0.98. The stock’s 50-day moving average price is $49.97 and its 200 day moving average price is $51.34. California Resources Co. has a one year low of $43.09 and a one year high of $58.44.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 11.34% and a return on equity of 11.00%. The company had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. During the same quarter in the previous year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities analysts expect that California Resources Co. will post 4.99 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $0.3875 dividend. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, August 30th. This represents a $1.55 annualized dividend and a yield of 3.19%. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRC shares. Barclays reduced their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Citigroup began coverage on California Resources in a research report on Friday, July 19th. They issued a “buy” rating and a $63.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday. TD Cowen started coverage on California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Stifel Nicolaus raised their price objective on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average price target of $62.13.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently modified their holdings of the company. TFO Wealth Partners LLC grew its stake in 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 valued at $74,000 after buying an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in California Resources by 92.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after purchasing an additional 722 shares during the last quarter. Privium Fund Management B.V. bought a new stake in California Resources in the second quarter worth $258,000. Hyperion Capital Advisors LP purchased a new stake in shares of California Resources during the first quarter worth about $275,000. Finally, Donoghue Forlines LLC purchased a new stake in shares of California Resources during the fourth quarter worth about $282,000. Institutional investors own 97.79% of the company’s stock.

About California Resources

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.