California Resources (NYSE:CRC) Posts Quarterly Earnings Results, Beats Expectations By $0.62 EPS

California Resources (NYSE:CRC) issued its earnings results on Tuesday. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62, Briefing.com reports. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 earnings per share.

California Resources Price Performance

Shares of NYSE CRC traded up $2.86 on Wednesday, hitting $56.82. The company’s stock had a trading volume of 1,205,570 shares, compared to its average volume of 851,040. The stock has a 50 day moving average of $51.79 and a 200-day moving average of $50.68. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 1.28 and a beta of 0.98. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRC. Stephens assumed coverage on California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. Jefferies Financial Group initiated coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. Citigroup boosted 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. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

Insider Buying and Selling

In other news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

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.