$525.40 Million in Sales Expected for California Resources Corp (CRC) This Quarter

Equities analysts predict that California Resources Corp (NYSE:CRC) will post $525.40 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for California Resources’ earnings. The lowest sales estimate is $507.80 million and the highest is $543.00 million. California Resources reported sales of $452.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 16.2%. The business is scheduled to issue its next earnings results after the market closes on Monday, February 26th.

On average, analysts expect that California Resources will report full year sales of $525.40 million for the current financial year. For the next fiscal year, analysts anticipate that the firm will report sales of $2.27 billion per share, with estimates ranging from $2.24 billion to $2.31 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover California Resources.

Several research analysts recently weighed in on CRC shares. Morgan Stanley upped their target price on shares of California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 target price for the company in a report on Wednesday, October 18th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Imperial Capital increased their price objective on shares of California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a report on Wednesday, November 8th. Finally, Societe Generale downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $21.50.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Bank of New York Mellon Corp boosted its holdings in shares of California Resources by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 241,135 shares of the oil and gas producer’s stock valued at $2,062,000 after purchasing an additional 11,446 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of California Resources by 623.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 38,168 shares of the oil and gas producer’s stock valued at $327,000 after purchasing an additional 32,890 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of California Resources by 67.1% during the 2nd quarter. Alliancebernstein L.P. now owns 98,637 shares of the oil and gas producer’s stock valued at $843,000 after purchasing an additional 39,599 shares during the last quarter. Teachers Advisors LLC boosted its holdings in shares of California Resources by 44.5% during the 2nd quarter. Teachers Advisors LLC now owns 92,529 shares of the oil and gas producer’s stock valued at $791,000 after purchasing an additional 28,485 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its holdings in shares of California Resources by 32.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 115,969 shares of the oil and gas producer’s stock valued at $992,000 after purchasing an additional 28,162 shares during the last quarter. 74.85% of the stock is owned by institutional investors and hedge funds.

California Resources (CRC) opened at $20.64 on Monday. The firm has a market cap of $884.80, a price-to-earnings ratio of -4.13 and a beta of 6.26. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78. California Resources has a 1-year low of $6.47 and a 1-year high of $25.06.

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California Resources Company Profile

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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