Brokerages Anticipate California Resources Corp (NYSE:CRC) Will Post Quarterly Sales of $724.15 Million

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Analysts expect that California Resources Corp (NYSE:CRC) will announce sales of $724.15 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for California Resources’ earnings. The lowest sales estimate is $654.30 million and the highest is $794.00 million. California Resources reported sales of $549.00 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 31.9%. The firm is expected to report its next quarterly earnings results after the market closes on Thursday, August 1st.

According to Zacks, analysts expect that California Resources will report full year sales of $2.98 billion for the current year, with estimates ranging from $2.77 billion to $3.20 billion. For the next fiscal year, analysts forecast that the firm will report sales of $3.32 billion, with estimates ranging from $3.28 billion to $3.36 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow California Resources.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.63 earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.94. The company had revenue of $690.00 million during the quarter, compared to analyst estimates of $635.00 million. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share.

Several research analysts recently weighed in on CRC shares. Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a research report on Monday, May 13th. They noted that the move was a valuation call. ValuEngine lowered California Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Goldman Sachs Group lowered California Resources from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $19.00 to $20.00 in a research report on Friday, April 12th. Mizuho initiated coverage on California Resources in a research report on Thursday, March 28th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Zacks Investment Research upgraded California Resources from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $33.33.

California Resources stock traded up $0.59 during mid-day trading on Tuesday, hitting $18.47. The company’s stock had a trading volume of 928,738 shares, compared to its average volume of 1,553,850. The firm has a market cap of $901.34 million, a price-to-earnings ratio of 14.54 and a beta of 4.40. California Resources has a 1 year low of $13.48 and a 1 year high of $50.34. The business has a fifty day moving average price of $18.09.

In other news, Director Laurie Siegel purchased 3,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were bought at an average cost of $16.78 per share, for a total transaction of $50,340.00. Following the completion of the purchase, the director now directly owns 15,196 shares of the company’s stock, valued at $254,988.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William E. Albrecht sold 10,000 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the director now owns 110,788 shares in the company, valued at $2,215,760. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in CRC. Truvestments Capital LLC acquired a new stake in shares of California Resources in the first quarter valued at $27,000. State of Alaska Department of Revenue acquired a new stake in shares of California Resources in the first quarter valued at $39,000. Hsbc Holdings PLC raised its stake in shares of California Resources by 32.8% in the fourth quarter. Hsbc Holdings PLC now owns 11,396 shares of the oil and gas producer’s stock valued at $194,000 after acquiring an additional 2,815 shares in the last quarter. Teza Capital Management LLC acquired a new stake in shares of California Resources in the first quarter valued at $202,000. Finally, Virtu Financial LLC acquired a new stake in shares of California Resources in the first quarter valued at $206,000. Institutional investors own 62.80% of the company’s stock.

About California Resources

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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