Equities research analysts forecast that California Resources Corp (NYSE:CRC) will announce sales of $724.15 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for California Resources’ earnings. The lowest sales estimate is $654.30 million and the highest is $794.00 million. California Resources posted sales of $549.00 million during the same quarter last year, which suggests a positive year over year growth rate of 31.9%. The firm is expected to announce its next quarterly earnings results on Thursday, August 1st.
On average, analysts expect that California Resources will report full-year sales of $2.98 billion for the current financial year, with estimates ranging from $2.77 billion to $3.20 billion. For the next financial year, analysts expect that the business will post sales of $3.32 billion, with estimates ranging from $3.28 billion to $3.36 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow California Resources.
California Resources (NYSE:CRC) last released its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.94. The company had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $635.00 million. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share.
CRC has been the subject of several research reports. Zacks Investment Research cut California Resources from a “hold” rating to a “strong sell” rating in a report on Monday, January 28th. ValuEngine raised California Resources from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Mizuho assumed coverage on California Resources in a report on Thursday, March 28th. They set a “buy” rating and a $35.00 price target for the company. Goldman Sachs Group lowered California Resources from a “neutral” rating to a “sell” rating and raised their price objective for the stock from $19.00 to $20.00 in a research note on Friday, April 12th. Finally, Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Monday, May 13th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $33.33.
NYSE:CRC traded up $0.85 during mid-day trading on Friday, hitting $22.31. 1,488,356 shares of the stock were exchanged, compared to its average volume of 2,244,094. The stock has a market cap of $1.06 billion, a P/E ratio of 17.57 and a beta of 4.56. California Resources has a fifty-two week low of $13.48 and a fifty-two week high of $50.34.
In other California Resources news, Director William E. Albrecht sold 10,000 shares of California Resources stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 110,788 shares of the company’s stock, valued at approximately $2,215,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.50% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. NumerixS Investment Technologies Inc acquired a new position in shares of California Resources in the 1st quarter valued at about $26,000. Truvestments Capital LLC acquired a new position in shares of California Resources in the 1st quarter valued at about $27,000. State of Alaska Department of Revenue acquired a new position in shares of California Resources in the 1st quarter valued at about $39,000. Advisor Group Inc. lifted its stake in shares of California Resources by 69.7% in the 1st quarter. Advisor Group Inc. now owns 2,474 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,016 shares during the period. Finally, Quantamental Technologies LLC acquired a new position in shares of California Resources in the 4th quarter valued at about $48,000. 75.21% of the stock is currently owned by institutional investors.
About California Resources
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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