$671.25 Million in Sales Expected for California Resources Corp (NYSE:CRC) This Quarter

Brokerages predict that California Resources Corp (NYSE:CRC) will post sales of $671.25 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for California Resources’ earnings, with the highest sales estimate coming in at $703.00 million and the lowest estimate coming in at $639.50 million. California Resources reported sales of $1.08 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 37.8%. The company is expected to issue its next earnings results on Wednesday, February 26th.

On average, analysts expect that California Resources will report full-year sales of $2.75 billion for the current year, with estimates ranging from $2.66 billion to $2.83 billion. For the next financial year, analysts anticipate that the business will report sales of $2.47 billion, with estimates ranging from $2.24 billion to $2.71 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for California Resources.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.72. The company had revenue of $681.00 million during the quarter, compared to analysts’ expectations of $620.31 million. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. California Resources’s revenue for the quarter was down 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share.

CRC has been the subject of several recent research reports. Zacks Investment Research cut California Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. ValuEngine cut California Resources from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Imperial Capital reduced their price objective on California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research report on Monday, August 5th. Finally, Bank of America increased their price target on California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.33.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in 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 valued at $79,612,000 after purchasing an additional 161,155 shares during the last quarter. BlackRock Inc. boosted its position in 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 valued at $64,763,000 after purchasing an additional 124,552 shares during the last quarter. Northern Trust Corp boosted its position in 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 valued at $11,420,000 after purchasing an additional 18,975 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in 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 valued at $5,583,000 after purchasing an additional 11,250 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in California Resources during the second quarter valued at approximately $5,581,000. 61.68% of the stock is owned by hedge funds and other institutional investors.

Shares of CRC stock traded down $2.28 on Friday, hitting $6.20. 10,488,536 shares of the stock were exchanged, compared to its average volume of 2,774,245. The firm has a market capitalization of $381.17 million, a P/E ratio of 4.88 and a beta of 4.38. The business has a 50-day moving average of $8.37 and a 200 day moving average of $13.48. California Resources has a fifty-two week low of $4.68 and a fifty-two week high of $30.18.

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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