California Resources (NYSE:CRC) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

California Resources (NYSE:CRC) posted its quarterly earnings data on Tuesday. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.17, Briefing.com reports. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same quarter in the previous year, the business earned $2.63 EPS. The company’s quarterly revenue was down 55.7% compared to the same quarter last year.

California Resources Trading Down 4.8 %

Shares of CRC traded down $2.53 during trading hours on Wednesday, hitting $50.41. The stock had a trading volume of 494,941 shares, compared to its average volume of 844,508. The company’s fifty day simple moving average is $53.89 and its 200 day simple moving average is $52.59. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The firm has a market cap of $3.47 billion, a P/E ratio of 6.49 and a beta of 1.03.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.46%. California Resources’s dividend payout ratio is presently 16.06%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CRC shares. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target on the stock. Stifel Nicolaus raised their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Mizuho lowered their target price on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price objective on shares of California Resources in a report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.57.

About California Resources

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.