California Resources Corp (NYSE:CRC), a company specializing in crude petroleum and natural gas, has reported a significant transaction involving a member of its board of directors. Mark Allen McFarland, a director of the company, has sold a substantial number of shares, totaling over $2.6 million.
According to the latest filings, McFarland sold 23,157 shares at a weighted average price of $47.9184, followed by another batch of 13,843 shares at an average of $48.4045. The sales continued the next day with 18,000 shares sold at a weighted average price of $47.2436. The transactions took place over two consecutive days, with the prices of shares ranging from $47.00 to $48.56.
The total value of the shares sold by McFarland amounted to approximately $2,630,094. This series of transactions has adjusted McFarland's holdings in the company, leaving him with a total of 86,939 shares following the sales.
Investors and followers of California Resources Corp will take note of these transactions as they reflect significant insider activity. While the reasons behind McFarland's decision to sell are not disclosed in the filing, the report provides transparent information regarding the number of shares sold at varying prices within the specified ranges.
The company, headquartered in Long Beach, California, is incorporated in Delaware and is listed on the New York Stock Exchange. Shareholders and potential investors can request detailed information about the specific prices at which each share was sold within the reported ranges, as indicated in the footnotes of the filing.
The reported transactions provide a snapshot of insider activity that can be of interest to those following California Resources Corp's stock performance and insider confidence.
InvestingPro Insights
Amidst the recent insider selling activity by a board member of California Resources Corp (NYSE:CRC), market participants may be seeking additional insights to better understand the company's financial health and future prospects. According to InvestingPro, CRC has a market capitalization of $3.23 billion and operates with a moderate level of debt, suggesting a stable financial structure.
InvestingPro Data reveals a Price/Earnings (P/E) ratio of 12.88, indicating that the company's shares are trading at a relatively reasonable price compared to its earnings. Additionally, the company has experienced a substantial gross profit margin of 53.91% over the last twelve months as of Q1 2024, which could be appealing to investors looking for companies with strong profitability metrics.
InvestingPro Tips highlight that CRC has raised its dividend for three consecutive years, with a current dividend yield of 2.67%, and analysts have recently revised their earnings upwards for the upcoming period. These factors, combined with the company's profitability over the last twelve months and a strong return over the last five years, could signal a positive outlook for CRC, despite the recent insider sales.
For those interested in a deeper dive into California Resources Corp's performance and potential, InvestingPro offers additional tips and metrics. By using coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 6 more InvestingPro Tips available, informed decision-making is just a click away.
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