US LNG exports surge but will buyers in China turn up?
Michael L. Preston, Executive Vice President, Chief Strategy Officer, and General Counsel at California Resources Corp (NYSE:CRC), a $5 billion market cap energy company trading near its 52-week high of $60.41, recently sold a significant portion of his common stock holdings in the company. According to InvestingPro data, CRC currently trades at an attractive P/E ratio of 7.6x. According to a filing with the Securities and Exchange Commission, Preston sold a total of 82,000 shares on December 12, 2024. The shares were sold in two separate transactions at weighted average prices ranging from $54.58 to $56.49, resulting in a total value of approximately $4.58 million.
These sales were conducted under a pre-arranged 10b5-1 trading plan that Preston adopted on September 12, 2024. Following the transactions, Preston owns 41,938 shares directly. InvestingPro analysis shows CRC maintains a GOOD financial health score, with strong profitability metrics and a consistent dividend growth track record. Discover more insights about CRC and 1,400+ other stocks through InvestingPro's comprehensive research reports.
In other recent news, California Resources has been making significant strides with a series of recent developments. TD Cowen raised the price target on California Resources to $74.00, up from $65.00, maintaining a Buy rating on the stock. This adjustment was based on an anticipated growth in 2025, driven by factors like the '24 Aera deal and the company's carbon capture, utilization, and storage (CCUS) initiatives.
Additionally, California Resources has appointed Clio C. Crespy as the new Executive Vice President and Chief Financial Officer, effective from January 1, 2025. The company also reported a strong financial performance in the third quarter, with $402 million in adjusted EBITDAX and $141 million in free cash flow, returning $76 million to shareholders.
Furthermore, Mizuho (NYSE:MFG) Securities increased its price target for California Resources from $62.00 to $66.00, maintaining an Outperform rating on the shares. The company is also awaiting the Environmental Protection Agency's Class VI permit for its inaugural carbon sequestration project and is developing a series of brownfield carbon capture and storage projects.
Lastly, California Resources has hedged 72% of its 2025 oil production at $67 per barrel and plans to continue share repurchases, with $600 million remaining under authorization. These developments highlight the company's commitment to financial discipline, strategic growth, and operational efficiency.
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