California Resources Corp (NYSE:CRC) Expected to Post Earnings of -$0.07 Per Share

Wall Street analysts expect that California Resources Corp (NYSE:CRC) will announce earnings per share (EPS) of ($0.07) for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for California Resources’ earnings. The lowest EPS estimate is ($0.35) and the highest is $0.34. California Resources reported earnings per share of $0.81 during the same quarter last year, which suggests a negative year-over-year growth rate of 108.6%. The business is expected to report its next quarterly earnings results on Thursday, November 7th.

According to Zacks, analysts expect that California Resources will report full-year earnings of $0.43 per share for the current year, with EPS estimates ranging from ($0.12) to $1.48. For the next fiscal year, analysts forecast that the company will report earnings of $4.14 per share, with EPS estimates ranging from $0.06 to $11.79. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that cover California Resources.

California Resources (NYSE:CRC) last announced its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.57). The business had revenue of $653.00 million for the quarter, compared to analyst estimates of $674.43 million. California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The business’s revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) EPS.

A number of equities analysts have issued reports on the stock. ValuEngine upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Bank of America lifted their target price on shares of California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Finally, Imperial Capital cut their target price on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. California Resources presently has a consensus rating of “Hold” and an average price target of $24.17.

CRC traded down $0.37 during midday trading on Monday, reaching $8.70. 2,590,097 shares of the company’s stock were exchanged, compared to its average volume of 2,570,044. The stock has a market capitalization of $426.34 million, a PE ratio of 6.85 and a beta of 4.48. The business’s 50-day moving average price is $10.44 and its 200 day moving average price is $17.49. California Resources has a 1-year low of $8.28 and a 1-year high of $48.37.

In other news, Director Avedick Baruyr Poladian purchased 10,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $9.03 per share, for a total transaction of $90,300.00. Following the completion of the acquisition, the director now directly owns 48,439 shares in the company, valued at approximately $437,404.17. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd A. Stevens purchased 5,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $10.20 per share, with a total value of $51,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 17,980 shares of company stock valued at $171,365. Insiders own 3.50% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of California Resources by 4.1% during the second quarter. Vanguard Group Inc. now owns 4,045,349 shares of the oil and gas producer’s stock worth $79,612,000 after buying an additional 161,155 shares in the last quarter. BlackRock Inc. grew its holdings in shares of California Resources by 3.9% during the second quarter. BlackRock Inc. now owns 3,290,863 shares of the oil and gas producer’s stock worth $64,763,000 after buying an additional 124,552 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of California Resources by 57.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 807,671 shares of the oil and gas producer’s stock worth $13,763,000 after buying an additional 294,906 shares in the last quarter. Northern Trust Corp grew its holdings in shares of California Resources by 3.4% during the second quarter. Northern Trust Corp now owns 580,323 shares of the oil and gas producer’s stock worth $11,420,000 after buying an additional 18,975 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of California Resources by 4.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 283,656 shares of the oil and gas producer’s stock worth $5,583,000 after buying an additional 11,250 shares in the last quarter. Institutional investors and hedge funds own 61.12% 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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