Zacks: Brokerages Anticipate California Resources Corp (NYSE:CRC) to Post $0.44 EPS

Analysts predict that California Resources Corp (NYSE:CRC) will report earnings per share (EPS) of $0.44 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for California Resources’ earnings, with estimates ranging from $0.28 to $0.63. California Resources posted earnings of $0.53 per share in the same quarter last year, which suggests a negative year over year growth rate of 17%. The business is expected to announce its next quarterly earnings results on Wednesday, February 26th.

On average, analysts expect that California Resources will report full year earnings of $1.13 per share for the current financial year, with EPS estimates ranging from $0.97 to $1.32. For the next fiscal year, analysts anticipate that the company will report earnings of ($1.27) per share, with EPS estimates ranging from ($4.39) to $0.83. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that cover California Resources.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.72. The business had revenue of $681.00 million during the quarter, compared to the consensus estimate of $620.31 million. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. The company’s revenue was down 17.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 earnings per share.

Several equities research analysts recently weighed in on CRC shares. Zacks Investment Research downgraded California Resources from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Imperial Capital decreased their price target on California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a report on Monday, August 5th. Bank of America increased their price target on California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, ValuEngine downgraded California Resources from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $23.33.

Shares of CRC stock traded up $0.47 during trading hours on Thursday, hitting $8.67. The stock had a trading volume of 2,526,143 shares, compared to its average volume of 4,340,689. The firm has a market capitalization of $402.77 million, a PE ratio of 6.83 and a beta of 4.38. California Resources has a twelve month low of $4.68 and a twelve month high of $30.18. The stock’s 50 day moving average is $8.46 and its 200 day moving average is $13.67.

Several hedge funds and other institutional investors have recently modified their holdings of CRC. Financial Architects Inc raised its position in California Resources by 139.2% in the third quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 1,400 shares in the last quarter. Tower Research Capital LLC TRC raised its position in California Resources by 665.5% in the third quarter. Tower Research Capital LLC TRC now owns 6,522 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 5,670 shares in the last quarter. Hanson McClain Inc. raised its position in California Resources by 60.2% in the second quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after acquiring an additional 1,708 shares in the last quarter. Point72 Hong Kong Ltd raised its position in California Resources by 232.9% in the second quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock worth $133,000 after acquiring an additional 4,718 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in California Resources by 375.0% in the second quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock worth $144,000 after acquiring an additional 5,787 shares in the last quarter. 60.75% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

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.

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