California Resources (NYSE:CRC) Issues Earnings Results

by · The Markets Daily

California Resources (NYSE:CRC – Get Free Report) posted its quarterly earnings results on Monday. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.17, FiscalAI reports. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $967.71 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.

California Resources Stock Down 5.6%

NYSE:CRC traded down $3.12 during trading hours on Monday, hitting $52.34. 1,014,411 shares of the company’s stock traded hands, compared to its average volume of 883,016. The stock’s fifty day moving average price is $53.63 and its two-hundred day moving average price is $56.92. The firm has a market cap of $4.65 billion, a P/E ratio of -38.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources has a twelve month low of $43.24 and a twelve month high of $71.98.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a dividend of $0.4050 per share. This represents a $1.62 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s payout ratio is -119.12%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRC shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $77.00 price objective on shares of California Resources in a research report on Monday, September 14th. Roth Capital reiterated a “buy” rating and issued a $59.00 price target (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. Stifel Nicolaus started coverage on shares of California Resources in a report on Thursday, September 10th. They set a “buy” rating and a $68.00 target price on the stock. UBS Group restated a “buy” rating and set a $68.00 price objective (down from $73.00) on shares of California Resources in a research report on Monday, October 12th. Finally, Stephens decreased their target price on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and an average target price of $74.44.

View Our Latest Stock Analysis on CRC

Insider Activity at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 123,703 shares in the company, valued at $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock worth $1,928,934 in the last ninety days. Company insiders own 0.53% of the company’s stock.

About California Resources

(Get Free Report)

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.

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