California Resources (NYSE:CRC) Issues Quarterly Earnings Results

California Resources (NYSE:CRC) announced its earnings results on Monday. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37), FiscalAI reports. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million.

California Resources Trading Down 0.0%

NYSE CRC opened at $52.08 on Monday. The company has a market cap of $4.62 billion, a P/E ratio of -10.01 and a beta of 0.93. California Resources has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The company has a 50-day moving average of $54.18 and a 200-day moving average of $58.62.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Citigroup cut their price objective on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. Mizuho increased their target price on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, UBS Group reissued a “buy” rating and set a $70.00 price target (down from $78.00) on shares of California Resources in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.09.

Insider Activity

In related news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares in the company, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after purchasing an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of California Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after buying an additional 2,394 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of California Resources by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock worth $28,916,000 after buying an additional 181,833 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after buying an additional 1,857 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after buying an additional 4,783 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.