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In a recent filing with the Securities and Exchange Commission, California Resources Corp (NYSE:CRC), a $5 billion market cap energy company with a healthy 2.81% dividend yield, disclosed that Hayat Omar, the Executive Vice President of Operations, sold shares worth approximately $883,820. According to InvestingPro analysis, the company maintains a GOOD financial health score and has raised its dividend for 4 consecutive years. The transactions, conducted on December 12, involved the sale of 14,477 shares at a weighted average price of $55.111 per share and an additional 1,539 shares at an average price of $55.8666 per share. These sales were executed under a pre-established Rule 10b5-1 trading plan adopted by Omar on September 12, 2024. Following these transactions, Omar retains ownership of 30,940 shares in the company. For deeper insights into CRC's valuation and 7 additional ProTips, including detailed insider trading analysis, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, California Resources Corporation has seen significant developments. TD Cowen raised the company's stock target to $74.00, maintaining a Buy rating due to potential growth prospects, including the '24 Aera deal and carbon capture initiatives. This adjustment comes after the company reported strong third-quarter results, with $402 million in adjusted EBITDAX and $141 million in free cash flow.
Mizuho (NYSE:MFG) Securities also increased the company's price target from $62.00 to $66.00, highlighting the company's robust performance and the successful merger with Aera Energy. The merger has positioned California Resources as the largest oil producer in the state.
The company announced the appointment of Clio C. Crespy as the new Executive Vice President and Chief Financial Officer, effective from January 1, 2025. Crespy's appointment aligns with the company's ongoing commitment to energy transition and strategic objectives.
In addition, California Resources is advancing in carbon management, with its inaugural carbon sequestration project awaiting the Environmental Protection Agency's Class VI permit. The company has also hedged 72% of its 2025 oil production at $67 per barrel and plans to continue share repurchases, with $600 million remaining under authorization. These recent developments reflect the company's commitment to financial discipline and operational efficiency.
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