Analysts expect California Resources Corp (NYSE:CRC) to announce ($0.83) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for California Resources’ earnings. The highest EPS estimate is ($0.60) and the lowest is ($1.09). California Resources posted earnings of ($1.02) per share in the same quarter last year, which suggests a positive year over year growth rate of 18.6%. The firm is expected to issue its next earnings report after the market closes on Thursday, May 3rd.
According to Zacks, analysts expect that California Resources will report full-year earnings of ($2.62) per share for the current year, with EPS estimates ranging from ($4.24) to ($0.22). For the next financial year, analysts expect that the company will report earnings of ($3.13) per share, with EPS estimates ranging from ($3.84) to ($2.14). Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that that provide coverage for California Resources.
California Resources (NYSE:CRC) last released its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.21. The firm had revenue of $455.00 million during the quarter, compared to analyst estimates of $540.57 million. During the same period in the prior year, the company earned ($1.76) EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year.
Several research analysts have recently issued reports on the company. Societe Generale downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Zacks Investment Research raised California Resources from a “sell” rating to a “hold” rating and set a $26.00 price objective for the company in a research note on Thursday, January 18th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. ValuEngine raised California Resources from a “strong sell” rating to a “sell” rating in a research note on Friday, March 23rd. Finally, Goldman Sachs raised California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective for the company in a research note on Thursday, February 1st. Two research 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 currently has a consensus rating of “Hold” and an average target price of $23.42.
California Resources stock opened at $22.41 on Thursday. California Resources has a 1 year low of $6.47 and a 1 year high of $25.06. The company has a debt-to-equity ratio of -7.37, a current ratio of 0.66 and a quick ratio of 0.58. The company has a market capitalization of $955.00, a PE ratio of -5.09 and a beta of 5.83.
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 acquired at an average price of $14.18 per share, with a total value of $503,815.40. Following the transaction, the director now owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.31% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CRC. Elephas Investment Management Ltd acquired a new stake in California Resources during the 4th quarter valued at approximately $26,082,000. Masters Capital Management LLC bought a new position in shares of California Resources during the 4th quarter worth approximately $19,440,000. Key Square Capital Management LLC bought a new position in shares of California Resources during the 4th quarter worth approximately $10,471,000. Quantitative Investment Management LLC bought a new position in shares of California Resources during the 4th quarter worth approximately $4,550,000. Finally, GSA Capital Partners LLP bought a new position in shares of California Resources during the 3rd quarter worth approximately $770,000. 73.90% of the stock is owned by institutional investors and hedge funds.
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About California Resources
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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