Wall Street brokerages expect that California Resources Corp (NYSE:CRC) will announce $334.05 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for California Resources’ earnings, with the highest sales estimate coming in at $383.00 million and the lowest estimate coming in at $285.10 million. California Resources posted sales of $653.00 million in the same quarter last year, which indicates a negative year over year growth rate of 48.8%. The company is expected to report its next earnings report on Thursday, August 6th.
According to Zacks, analysts expect that California Resources will report full-year sales of $1.65 billion for the current year, with estimates ranging from $1.64 billion to $1.66 billion. For the next year, analysts forecast that the company will post sales of $1.54 billion, with estimates ranging from $1.51 billion to $1.57 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow California Resources.
California Resources (NYSE:CRC) last issued its quarterly earnings data on Thursday, June 25th. The oil and gas producer reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.71) by $1.55. The firm had revenue of $573.00 million for the quarter, compared to analysts’ expectations of $505.75 million. California Resources had a negative net margin of 69.81% and a negative return on equity of 11.88%.
Several research firms have issued reports on CRC. ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Bank of America cut shares of California Resources from a “neutral” rating to an “underperform” rating in a research report on Monday, March 9th. Raymond James cut shares of California Resources from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 17th. Finally, Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.00.
Institutional investors and hedge funds have recently bought and sold shares of the company. Sunbelt Securities Inc. purchased a new stake in shares of California Resources during the fourth quarter valued at approximately $10,509,000. First Republic Investment Management Inc. acquired a new stake in shares of California Resources in the 4th quarter valued at about $97,000. Magnetar Financial LLC bought a new position in shares of California Resources during the fourth quarter worth about $100,000. Victory Capital Management Inc. lifted its position in shares of California Resources by 38.4% during the fourth quarter. Victory Capital Management Inc. now owns 11,434 shares of the oil and gas producer’s stock worth $103,000 after purchasing an additional 3,175 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of California Resources during the fourth quarter worth about $176,000. Institutional investors own 49.71% of the company’s stock.
California Resources stock opened at $1.26 on Wednesday. California Resources has a 12-month low of $0.85 and a 12-month high of $20.78. The stock has a market capitalization of $63.30 million, a P/E ratio of -0.04 and a beta of 5.75. The firm’s 50-day moving average is $1.54 and its two-hundred day moving average is $4.56.
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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