california resources executives sell shares as institutional investors increase holdings

California Resources Corporation (NYSE: CRC) has recently witnessed significant activity from both corporate insiders and institutional investors, indicating a dynamic trading environment.

Insider Trading

Notably, Vice President Noelle M. Repetti sold 10,000 shares at an average price of $53.00, resulting in a total transaction value of $530,000. Following this sale, Repetti still owns 17,301 shares, currently valued at approximately $916,953. CEO Francisco Leon also sold 7,500 shares of California Resources stock on September 5th, at an average price of $49.18, amounting to a total value of $368,850. Post-transaction, Leon holds 166,357 shares, valued at around $8,181,437.26. These insider trades suggest a cautious approach among executives in the current market landscape.

Institutional Investors

Institutional investors have also made adjustments to their holdings in California Resources. GAMMA Investing LLC increased its holdings by 61.5% during the third quarter, now owning 974 shares valued at $51,000 after acquiring an additional 371 shares. Privium Fund Management B.V. and Hyperion Capital Advisors LP have both entered the market, purchasing new stakes valued at approximately $258,000 and $275,000, respectively. Shell Asset Management Co. has also made a significant move, increasing its holdings by 99.8% in the first quarter, now owning 6,311 shares valued at $348,000 after acquiring an additional 3,153 shares. These movements indicate strong interest from institutional investors, who collectively own 97.79% of California Resources' stock, demonstrating confidence in the company's long-term prospects despite recent share price fluctuations.

Analyst Ratings

Analysts have given California Resources a consensus rating of "Moderate Buy" with a target price of $64.75. UBS Group initiated coverage with a buy rating and a target price of $68.00, while Citigroup raised its target from $63.00 to $65.00, also assigning a buy rating. Other firms, including TD Cowen and Bank of America, have expressed similar sentiments, reinforcing the stock's growth potential.

Financial Performance

Despite these positive ratings, California Resources reported disappointing earnings on August 6th, with an EPS of $0.60, falling short of analysts' expectations of $0.96. The company reported revenue of $514 million, surpassing the consensus estimate of $477.07 million, but a year-over-year revenue decline of 13% raises concerns about its operational performance. Analysts project an EPS of 3.45 for the current year, indicating a cautious outlook moving forward.

Dividend Policy

In a positive development for shareholders, California Resources announced an increase in its quarterly dividend, which was paid on September 16th. Shareholders of record received a dividend of $0.3875, up from the previous $0.31, translating to an annualized dividend of $1.55 and a yield of 2.94%. The company's dividend payout ratio stands at 44.41%, reflecting a commitment to returning value to shareholders while maintaining a sustainable financial structure.

Financial Metrics

The company's financial metrics reveal a market capitalization of $3.61 billion, a price-to-earnings ratio of 14.62, and a PEG ratio of 1.27. With a debt-to-equity ratio of 0.57, California Resources appears to be effectively managing its leverage. The stock has experienced a 52-week low of $43.09 and a high of $57.88, indicating volatility that investors should consider when evaluating their positions.

Conclusion

As California Resources navigates the oil and gas market, the interplay between insider trading, institutional investment, and analyst ratings will be crucial in shaping its trajectory. The recent adjustments in holdings and strategic decisions made by executives indicate a responsive approach to market conditions, while the company's financial performance and dividend policy reflect its ongoing commitment to shareholder value.

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