California Resources Corp (NYSE:CRC) director Mark Allen McFarland has sold a significant portion of his holdings in the company, according to recent filings with the Securities and Exchange Commission. The transactions, which took place over several days, resulted in the sale of company stock valued at over $8.4 million.
The sales occurred between May 22 and May 24, with prices ranging from $46.6999 to $47.5214 per share. On May 22, McFarland sold 50,000 shares at an average price of $47.2921. The following day, he sold an additional 49,100 shares at an average price of $46.6999 and 5,900 shares at an average price of $47.5214. The series of transactions concluded on May 24 with the sale of 75,000 shares at an average price of $47.1804.
The SEC filings included detailed footnotes indicating that the prices reported were weighted averages, with the actual sales occurring at various prices within the specified ranges. McFarland has committed to providing full information on the number of shares sold at each separate price within these ranges upon request by California Resources Corp, any of its security holders, or the Securities and Exchange Commission staff.
Following these transactions, McFarland's remaining stake in the company consists of 141,939 shares of common stock. As a director of the company, his trading activities are closely watched by investors for insights into executive sentiment regarding the company's performance and outlook.
California Resources Corp, headquartered in Long Beach, California, operates in the crude petroleum and natural gas industry. The company's stock trades on the New York Stock Exchange under the ticker symbol CRC. Investors and market watchers will likely continue to monitor any further transactions by company insiders for indications of their confidence in California Resources Corp's future.
InvestingPro Insights
Amidst the recent insider trading activity at California Resources Corp (NYSE:CRC), investors are evaluating the company's financial health and future prospects. With a market capitalization of $3.24 billion and a P/E ratio standing at 12.83, CRC appears to be valued by the market at a level that could interest value-oriented investors. The P/E ratio has adjusted to 19.28 over the last twelve months as of Q1 2024, reflecting changes in the company's earnings and market valuation.
One notable InvestingPro Tip is that CRC has consistently raised its dividend for the last three years, showcasing a commitment to returning value to shareholders. This is reflected in the current dividend yield of 2.63%, which could be a draw for income-focused investors. Additionally, the company's gross profit margin stands strong at 53.91% for the last twelve months as of Q1 2024, indicating efficient operations and a robust pricing strategy relative to its costs.
Another encouraging sign for potential investors is that four analysts have recently revised their earnings expectations upwards for the upcoming period, as per InvestingPro Tips. This consensus could signal that the company's future earnings may outperform previous estimates, offering a potentially brighter outlook for shareholders.
For those interested in a deeper analysis, InvestingPro provides additional tips on CRC. By using the exclusive coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights. With 7 more tips available on InvestingPro, investors can gain a comprehensive understanding of California Resources Corp's financial position and make more informed decisions.
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