Brokerages expect that California Resources Corp (NYSE:CRC) will announce $528.55 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for California Resources’ earnings. The lowest sales estimate is $511.10 million and the highest is $546.00 million. California Resources posted sales of $590.00 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 10.4%. The business is scheduled to report its next earnings results on Thursday, May 3rd.
On average, analysts expect that California Resources will report full year sales of $528.55 million for the current fiscal year, with estimates ranging from $2.21 billion to $2.24 billion. For the next financial year, analysts forecast that the firm will report sales of $2.29 billion per share, with estimates ranging from $2.12 billion to $2.45 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow California Resources.
California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.21. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $540.57 million. During the same period in the prior year, the company earned ($1.76) EPS. California Resources’s quarterly revenue was up .7% on a year-over-year basis.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a research report on Wednesday, February 28th. Societe Generale downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Imperial Capital raised shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research report on Monday, February 12th. Finally, Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price objective for the company in a research report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $23.42.
In other news, Director Harry T. Mcmahon bought 35,530 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was purchased at an average price of $14.18 per share, for a total transaction of $503,815.40. Following the transaction, the director now owns 48,773 shares in the company, valued at $691,601.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.91% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Barnett & Company Inc. grew its position in California Resources by 306.9% in the 4th quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock worth $111,000 after purchasing an additional 4,300 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in California Resources in the 3rd quarter worth about $117,000. MANA Advisors LLC bought a new position in California Resources in the 4th quarter worth about $220,000. Teacher Retirement System of Texas bought a new position in California Resources in the 4th quarter worth about $244,000. Finally, Alps Advisors Inc. bought a new position in California Resources in the 4th quarter worth about $248,000. Hedge funds and other institutional investors own 75.11% of the company’s stock.
Shares of California Resources (NYSE CRC) traded up $0.56 during trading hours on Friday, hitting $14.89. 2,853,321 shares of the company were exchanged, compared to its average volume of 1,717,198. The company has a current ratio of 0.66, a quick ratio of 0.58 and a debt-to-equity ratio of -7.37. California Resources has a twelve month low of $6.47 and a twelve month high of $25.06. The company has a market cap of $616.01, a P/E ratio of -2.37 and a beta of 6.34.
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California Resources Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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