Roth Capital Has Negative Estimate for CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Analysts at Roth Capital decreased their FY2024 earnings estimates for California Resources in a research note issued on Wednesday, November 6th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $3.31 for the year, down from their prior forecast of $3.37. The consensus estimate for California Resources’ current full-year earnings is $3.42 per share. Roth Capital also issued estimates for California Resources’ Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.89 EPS.

Several other equities research analysts have also issued reports on CRC. Jefferies Financial Group started coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. UBS Group assumed coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. TD Cowen assumed coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Citigroup lifted their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

California Resources Trading Up 4.1 %

Shares of California Resources stock opened at $59.25 on Monday. The firm has a market capitalization of $4.02 billion, a PE ratio of 9.33, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98. The company has a current ratio of 0.97, a quick ratio of 2.33 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $52.17 and its 200 day moving average is $50.74. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the firm earned $1.02 earnings per share. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.3875 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.62%. California Resources’s payout ratio is 24.41%.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,270 shares of company stock worth $1,387,778 in the last quarter. 0.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares during the last quarter. KBC Group NV boosted its holdings in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the last quarter. Atria Investments Inc purchased a new position in shares of California Resources in the 3rd quarter worth about $209,000. Finally, Privium Fund Management B.V. purchased a new position in shares of California Resources in the 2nd quarter worth about $258,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

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.