Posted by Defense World Staff on Aug 12th, 2024
California Resources Co. (NYSE:CRC – Free Report) – Stock analysts at Roth Capital cut their Q3 2024 earnings estimates for California Resources in a research note issued to investors on Wednesday, August 7th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will post earnings of $1.01 per share for the quarter, down from their prior forecast of $1.61. The consensus estimate for California Resources’ current full-year earnings is $4.99 per share. Roth Capital also issued estimates for California Resources’ Q4 2024 earnings at $1.38 EPS, FY2024 earnings at $3.37 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $0.93 EPS, Q3 2025 earnings at $1.71 EPS, Q4 2025 earnings at $1.26 EPS and FY2025 earnings at $4.91 EPS.
Several other research analysts have also recently weighed in on CRC. TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. Mizuho lifted their price target on California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Stifel Nicolaus upped their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Citigroup started coverage on California Resources in a report on Friday, July 19th. They set a “buy” rating and a $63.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Wednesday, June 12th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.13.
Check Out Our Latest Report on California Resources
California Resources Stock Performance
Shares of NYSE CRC opened at $47.17 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $3.23 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.83 and a beta of 0.98. California Resources has a 12 month low of $43.09 and a 12 month high of $58.44. The stock has a 50 day moving average of $49.82 and a 200-day moving average of $51.38.
California Resources (NYSE:CRC – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The firm had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. California Resources had a net margin of 11.34% and a return on equity of 11.00%. The business’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 EPS.
Institutional Trading of California Resources
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in California Resources by 229.6% in the fourth quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock valued at $48,441,000 after acquiring an additional 617,084 shares during the period. Hennessy Advisors Inc. bought a new stake in California Resources during the 4th quarter valued at $20,713,000. Vanguard Group Inc. raised its holdings in California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after buying an additional 344,043 shares during the last quarter. Vest Financial LLC lifted its stake in shares of California Resources by 7,345.1% in the first quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock valued at $18,743,000 after buying an additional 335,599 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after buying an additional 250,367 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.
Insider Activity at California Resources
In other news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the sale, the director now directly owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.03% of the stock is currently owned by company insiders.
California Resources Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, August 30th. California Resources’s dividend payout ratio is presently 35.53%.
About California Resources
California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
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