Equities analysts expect California Resources Corp (NYSE:CRC) to report earnings per share of ($0.73) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for California Resources’ earnings, with estimates ranging from ($1.11) to ($0.47). California Resources posted earnings per share of ($1.02) during the same quarter last year, which would indicate a positive year-over-year growth rate of 28.4%. The company is scheduled to report its next quarterly earnings results on Thursday, May 3rd.
On average, analysts expect that California Resources will report full-year earnings of ($2.59) per share for the current fiscal year, with EPS estimates ranging from ($4.80) to ($0.22). For the next fiscal year, analysts anticipate that the firm will post earnings of ($3.53) per share, with EPS estimates ranging from ($3.84) to ($2.98). Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that follow California Resources.
California Resources (NYSE:CRC) last announced its earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million for the quarter, compared to analyst estimates of $540.57 million. During the same quarter last year, the company posted ($1.76) EPS. California Resources’s quarterly revenue was up .7% on a year-over-year basis.
Several brokerages have recently weighed in on CRC. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, February 28th. Imperial Capital upgraded shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price for the company in a research note on Monday, February 12th. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating and raised their price objective for the company from $17.91 to $25.00 in a research report on Friday, February 9th. Finally, Goldman Sachs Group upgraded shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective for the company in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. California Resources currently has an average rating of “Hold” and a consensus price target of $23.42.
In other news, Director Harry T. Mcmahon acquired 35,530 shares of California Resources stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 48,773 shares in the company, valued at $691,601.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. MetLife Investment Advisors LLC acquired a new stake in California Resources in the fourth quarter valued at about $454,000. Cyrus Capital Partners L.P. lifted its position in California Resources by 1.1% in the fourth quarter. Cyrus Capital Partners L.P. now owns 1,494,639 shares of the oil and gas producer’s stock valued at $29,055,000 after purchasing an additional 16,408 shares during the period. PEAK6 Investments L.P. acquired a new stake in California Resources in the fourth quarter valued at about $281,000. Millennium Management LLC acquired a new stake in California Resources in the fourth quarter valued at about $724,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in California Resources by 1,032.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 36,360 shares of the oil and gas producer’s stock valued at $707,000 after buying an additional 33,148 shares in the last quarter. Hedge funds and other institutional investors own 75.11% of the company’s stock.
Shares of California Resources (NYSE CRC) traded up $0.40 on Friday, hitting $14.71. 752,213 shares of the stock traded hands, compared to its average volume of 1,706,938. California Resources has a twelve month low of $6.47 and a twelve month high of $25.06. The firm has a market capitalization of $626.73, a P/E ratio of -2.32 and a beta of 6.34. The company has a quick ratio of 0.58, a current ratio of 0.66 and a debt-to-equity ratio of -7.37.
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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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