California Resources Corp (CRC) Expected to Announce Earnings of $0.05 Per Share

Equities research analysts expect that California Resources Corp (NYSE:CRC) will post earnings of $0.05 per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for California Resources’ earnings. The highest EPS estimate is $0.30 and the lowest is ($0.24). California Resources posted earnings per share of ($1.83) in the same quarter last year, which suggests a positive year-over-year growth rate of 102.7%. The business is expected to announce its next earnings report on Monday, November 5th.

According to Zacks, analysts expect that California Resources will report full-year earnings of ($0.35) per share for the current year, with EPS estimates ranging from ($0.38) to ($0.32). For the next year, analysts anticipate that the business will post earnings of $2.76 per share, with EPS estimates ranging from $1.43 to $4.09. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that cover California Resources.

California Resources (NYSE:CRC) last posted its earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.34). The company had revenue of $549.00 million during the quarter, compared to the consensus estimate of $649.01 million. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.83) EPS.

CRC has been the topic of a number of research analyst reports. ValuEngine upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, April 26th. Societe Generale downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. Zacks Investment Research upgraded California Resources from a “strong sell” rating to a “hold” rating and set a $29.00 price objective on the stock in a research report on Friday, April 27th. Bank of America set a $38.00 price objective on California Resources and gave the company a “buy” rating in a research report on Friday, May 4th. Finally, Imperial Capital upped their price objective on California Resources from $30.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, May 7th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $31.25.

Shares of NYSE:CRC traded up $0.83 during mid-day trading on Friday, reaching $34.99. The stock had a trading volume of 1,339,408 shares, compared to its average volume of 1,750,737. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of -7.87. The company has a market capitalization of $1.65 billion, a P/E ratio of -7.95 and a beta of 5.59. California Resources has a 1 year low of $6.47 and a 1 year high of $48.85.

A number of hedge funds have recently modified their holdings of the business. Graham Capital Management L.P. purchased a new stake in California Resources during the first quarter valued at approximately $5,092,000. BlackRock Inc. raised its position in California Resources by 5.5% during the second quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock valued at $137,835,000 after purchasing an additional 156,881 shares during the period. Elephas Investment Management Ltd raised its position in California Resources by 15.1% during the first quarter. Elephas Investment Management Ltd now owns 1,544,668 shares of the oil and gas producer’s stock valued at $26,491,000 after purchasing an additional 203,000 shares during the period. Millennium Management LLC raised its position in California Resources by 1,855.2% during the first quarter. Millennium Management LLC now owns 727,722 shares of the oil and gas producer’s stock valued at $12,480,000 after purchasing an additional 690,503 shares during the period. Finally, FMR LLC purchased a new stake in California Resources during the second quarter valued at approximately $27,988,000. Institutional investors and hedge funds own 85.08% 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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