-$0.29 Earnings Per Share Expected for California Resources (CRC) This Quarter

Equities research analysts forecast that California Resources (NYSE:CRC) will announce earnings of ($0.29) per share for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for California Resources’ earnings, with the highest EPS estimate coming in at ($0.04) and the lowest estimate coming in at ($0.45). California Resources posted earnings per share of ($1.83) during the same quarter last year, which would indicate a positive year-over-year growth rate of 84.2%. The company is scheduled to issue its next earnings report on Thursday, August 2nd.

On average, analysts expect that California Resources will report full-year earnings of $0.20 per share for the current financial year, with EPS estimates ranging from ($0.75) to $1.57. For the next financial year, analysts forecast that the company will post earnings of $1.62 per share, with EPS estimates ranging from $1.11 to $2.13. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover California Resources.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Thursday, May 3rd. The oil and gas producer reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.93. The company had revenue of $609.00 million during the quarter, compared to the consensus estimate of $537.65 million. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.02) earnings per share.

CRC has been the topic of a number of research reports. Zacks Investment Research downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Goldman Sachs upgraded shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price target on the stock in a report on Thursday, February 1st. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating and lifted their price target for the company from $17.91 to $25.00 in a report on Friday, February 9th. Imperial Capital upgraded shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price target on the stock in a report on Monday, February 12th. Finally, ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $29.75.

In other California Resources news, Director Harry T. Mcmahon bought 35,530 shares of California Resources stock in a transaction dated Thursday, March 1st. The shares were purchased at an average cost of $14.18 per share, for a total transaction of $503,815.40. Following the acquisition, the director now directly owns 48,773 shares in the company, valued at approximately $691,601.14. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.31% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of California Resources by 4.7% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 38,067 shares of the oil and gas producer’s stock worth $654,000 after buying an additional 1,707 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of California Resources by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock worth $1,604,000 after buying an additional 3,079 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of California Resources by 9.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 43,115 shares of the oil and gas producer’s stock worth $739,000 after buying an additional 3,567 shares during the last quarter. Barnett & Company Inc. increased its holdings in shares of 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 buying an additional 4,300 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of California Resources by 24.8% in the 1st quarter. Baird Financial Group Inc. now owns 33,507 shares of the oil and gas producer’s stock worth $575,000 after buying an additional 6,655 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

California Resources traded down $0.95, reaching $35.93, on Thursday, according to Marketbeat.com. The company had a trading volume of 1,659,702 shares, compared to its average volume of 2,592,865. The company has a debt-to-equity ratio of -7.56, a quick ratio of 1.11 and a current ratio of 1.18. The company has a market cap of $1.54 billion, a P/E ratio of -8.17 and a beta of 5.79. California Resources has a 12 month low of $6.47 and a 12 month high of $37.89.

About California Resources

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

Get a free copy of the Zacks research report on California Resources (CRC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for California Resources (NYSE:CRC)

Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply