Analysts forecast that California Resources Corp (NYSE:CRC) will post sales of $702.80 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for California Resources’ earnings. The lowest sales estimate is $672.60 million and the highest is $733.00 million. California Resources posted sales of $455.00 million during the same quarter last year, which suggests a positive year-over-year growth rate of 54.5%. The business is scheduled to report its next earnings results on Monday, February 25th.
According to Zacks, analysts expect that California Resources will report full year sales of $2.72 billion for the current year, with estimates ranging from $2.66 billion to $2.79 billion. For the next year, analysts forecast that the firm will report sales of $3.34 billion, with estimates ranging from $3.33 billion to $3.35 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover California Resources.
California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.89. The business had revenue of $828.00 million for the quarter, compared to analyst estimates of $689.83 million. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. The firm’s revenue for the quarter was up 86.1% on a year-over-year basis. During the same quarter last year, the business posted ($1.22) EPS.
Several research firms recently issued reports on CRC. Evercore ISI began coverage on shares of California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 price target on the stock. ValuEngine lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating and set a $52.00 price target on the stock in a research report on Wednesday, October 3rd. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, TheStreet upgraded shares of California Resources from a “d” rating to a “c-” rating in a research report on Thursday, November 15th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. California Resources currently has a consensus rating of “Buy” and an average target price of $39.75.
NYSE CRC opened at $21.82 on Friday. The company has a market cap of $1.15 billion, a P/E ratio of -4.96 and a beta of 5.41. California Resources has a 1 year low of $13.26 and a 1 year high of $50.34.
In related news, Director Harold M. Korell bought 1,848 shares of the business’s stock in a transaction on Tuesday, November 6th. The shares were purchased at an average price of $29.17 per share, for a total transaction of $53,906.16. Following the completion of the transaction, the director now directly owns 39,719 shares of the company’s stock, valued at approximately $1,158,603.23. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harold M. Korell bought 4,736 shares of the business’s stock in a transaction on Tuesday, November 20th. The stock was bought at an average price of $21.11 per share, for a total transaction of $99,976.96. Following the transaction, the director now directly owns 44,455 shares of the company’s stock, valued at $938,445.05. The disclosure for this purchase can be found here. Company insiders own 1.31% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Baird Financial Group Inc. lifted its holdings in shares of California Resources by 20.1% during the second quarter. Baird Financial Group Inc. now owns 40,256 shares of the oil and gas producer’s stock worth $1,829,000 after purchasing an additional 6,749 shares during the period. BlackRock Inc. lifted its holdings in shares of California Resources by 5.5% during the second quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock worth $137,835,000 after purchasing an additional 156,881 shares during the period. GeoSphere Capital Management LLC acquired a new position in shares of California Resources during the second quarter worth $254,000. Rhumbline Advisers lifted its holdings in shares of California Resources by 5.9% during the second quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after purchasing an additional 3,401 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of California Resources during the third quarter worth $330,000. Hedge funds and other institutional investors own 71.40% of the company’s stock.
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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