California Resources Corp (NYSE:CRC) Expected to Post Earnings of $0.53 Per Share

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Brokerages forecast that California Resources Corp (NYSE:CRC) will report earnings per share of $0.53 for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for California Resources’ earnings, with estimates ranging from $0.41 to $0.64. California Resources posted earnings of ($0.29) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 282.8%. The business is scheduled to announce its next earnings results after the market closes on Thursday, August 1st.

On average, analysts expect that California Resources will report full year earnings of $3.10 per share for the current fiscal year, with EPS estimates ranging from $2.72 to $3.55. For the next fiscal year, analysts forecast that the business will post earnings of $5.38 per share, with EPS estimates ranging from $0.99 to $11.63. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover California Resources.

California Resources (NYSE:CRC) last released its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.94. The firm had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $635.00 million. California Resources had a net margin of 8.36% and a negative return on equity of 18.81%. California Resources’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS.

Several analysts have commented on CRC shares. Mizuho started coverage on shares of California Resources in a research note on Thursday, March 28th. They issued a “buy” rating and a $35.00 target price for the company. ValuEngine raised shares of California Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, March 20th. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday, April 30th. Raymond James raised shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Monday, May 13th. They noted that the move was a valuation call. Finally, Goldman Sachs Group cut shares of California Resources from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $19.00 to $20.00 in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.33.

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

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC grew its stake in shares of California Resources by 8.0% during the 4th quarter. FMR LLC now owns 679,804 shares of the oil and gas producer’s stock valued at $11,584,000 after buying an additional 50,276 shares during the period. IPG Investment Advisors LLC purchased a new stake in shares of California Resources during the 1st quarter valued at $694,000. Canada Pension Plan Investment Board grew its stake in shares of California Resources by 30.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 165,700 shares of the oil and gas producer’s stock valued at $2,823,000 after buying an additional 39,000 shares during the period. Truvestments Capital LLC purchased a new stake in California Resources during the 1st quarter worth $27,000. Finally, Shepherd Kaplan Krochuk LLC boosted its position in California Resources by 0.8% during the 4th quarter. Shepherd Kaplan Krochuk LLC now owns 205,017 shares of the oil and gas producer’s stock worth $3,493,000 after purchasing an additional 1,600 shares during the period. 62.80% of the stock is owned by institutional investors.

CRC stock traded up $0.59 during midday trading on Friday, hitting $18.47. The stock had a trading volume of 928,738 shares, compared to its average volume of 1,553,850. The company 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 12-month low of $13.48 and a 12-month high of $50.34. The business has a 50-day moving average price of $18.09.

California Resources Company Profile

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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