Q4 2024 Earnings Estimate for California Resources Co. Issued By Roth Capital (NYSE:CRC)

California Resources Co. (NYSE:CRC) – Equities researchers at Roth Capital reduced their Q4 2024 EPS estimates for shares of California Resources in a research report issued on Tuesday, May 7th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $1.35 for the quarter, down from their prior forecast of $1.41. The consensus estimate for California Resources’ current full-year earnings is $4.64 per share. Roth Capital also issued estimates for California Resources’ Q1 2025 earnings at $1.08 EPS, Q2 2025 earnings at $1.04 EPS, Q3 2025 earnings at $1.66 EPS, Q4 2025 earnings at $1.60 EPS and FY2025 earnings at $5.38 EPS.

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

California Resources Stock Performance

NYSE CRC opened at $50.09 on Thursday. The company has a market cap of $3.44 billion, a P/E ratio of 6.49 and a beta of 1.03. The business’s 50 day moving average price is $53.83 and its 200-day moving average price is $52.58. California Resources has a fifty-two week low of $37.21 and a fifty-two week 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.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.58 by $0.17. The company had revenue of $454.00 million during the quarter, compared to analyst estimates of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm’s revenue was down 55.7% on a year-over-year basis. During the same quarter last year, the business posted $2.63 earnings per share.

Institutional Trading of California Resources

Hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new stake in shares of California Resources during the third quarter valued at about $45,000. TFO Wealth Partners LLC boosted its stake in California Resources by 67,800.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after acquiring an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after purchasing an additional 722 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of California Resources by 56.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock valued at $134,000 after purchasing an additional 865 shares during the last quarter. Finally, Assetmark Inc. boosted its position in shares of California Resources by 16.3% in the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after purchasing an additional 353 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.48%. California Resources’s payout ratio is currently 16.06%.

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.