Noelle M. Repetti, Senior Vice President and Controller at California Resources Corp (NYSE:CRC), recently sold a significant portion of company stock. According to a recent SEC filing, Repetti sold 8,770 shares of common stock at a price of $55.75 per share, totaling approximately $488,927. Following this transaction, Repetti holds 8,531 shares in the company. The sale was conducted automatically under a Rule 10b5-1 trading plan, which was adopted earlier this year on June 13.
In other recent news, California Resources Corporation reported a robust third quarter, following its successful merger with Aera Energy. The company emphasized a strong financial position, with $402 million in adjusted EBITDAX and $141 million in free cash flow, returning $76 million to shareholders. Averaging 145,000 barrels of oil equivalent per day, the company has become California's top oil producer.
In addition, California Resources Corporation has made significant progress in carbon management initiatives, including a partnership with Hull Street Energy. The company has hedged 72% of its 2025 oil production at $67 per barrel, and is dedicated to maintaining a strong balance sheet and executing capital discipline.
However, uncertainty remains around the timeline for the resolution of CalGEM's drilling permit process, and major capital investments are deferred, focusing on the 25R and 35R carbon capture projects. Despite these challenges, the company is leveraging bipartisan support for carbon capture and sequestration, with incentives from the Inflation Reduction Act and Low Carbon Fuel Standard. These are some of the recent developments in the company.
InvestingPro Insights
The recent stock sale by California Resources Corp's Senior Vice President and Controller comes at a time when the company's shares are trading near their 52-week high, as indicated by InvestingPro data. This aligns with one of the InvestingPro Tips, which notes that CRC is "Trading near 52-week high." The stock's strong performance is further evidenced by its significant 24.67% return over the last three months.
Despite the insider sale, CRC's financial metrics suggest a solid fundamental position. The company's P/E ratio of 7.87 indicates that it's trading at a relatively low valuation compared to its earnings. This is reinforced by an InvestingPro Tip highlighting that CRC is "Trading at a low P/E ratio relative to near-term earnings growth."
Additionally, CRC has demonstrated a commitment to shareholder returns, with an InvestingPro Tip revealing that the company "Has raised its dividend for 4 consecutive years." The current dividend yield stands at 2.74%, with a impressive dividend growth of 37.17% over the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for California Resources Corp, providing a deeper understanding of the company's financial health and market position.
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