California Resources Corp (NYSE:CRC) Expected to Announce Quarterly Sales of $650.55 Million

Wall Street analysts expect California Resources Corp (NYSE:CRC) to post sales of $650.55 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for California Resources’ earnings, with the lowest sales estimate coming in at $649.10 million and the highest estimate coming in at $652.00 million. California Resources reported sales of $828.00 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 21.4%. The firm is scheduled to issue its next earnings report after the market closes on Monday, November 4th.

According to Zacks, analysts expect that California Resources will report full-year sales of $2.70 billion for the current year, with estimates ranging from $2.63 billion to $2.76 billion. For the next year, analysts forecast that the business will post sales of $2.46 billion, with estimates ranging from $2.21 billion to $2.72 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover California Resources.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.57). The business had revenue of $653.00 million during the quarter, compared to the consensus estimate of $674.43 million. California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The firm’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.29) earnings per share.

Several research analysts recently issued reports on CRC shares. ValuEngine upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Imperial Capital decreased their price target on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research note on Monday, August 5th. Bank of America increased their price target on shares of California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. California Resources currently has an average rating of “Hold” and a consensus price target of $24.17.

Shares of California Resources stock traded up $0.21 during trading on Thursday, hitting $7.62. The company’s stock had a trading volume of 1,773,204 shares, compared to its average volume of 2,709,737. The company has a fifty day simple moving average of $9.89 and a two-hundred day simple moving average of $15.59. The company has a market capitalization of $363.12 million, a PE ratio of 6.00 and a beta of 4.48. California Resources has a 52 week low of $7.29 and a 52 week high of $35.20.

In other news, CEO Todd A. Stevens acquired 5,000 shares of California Resources stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $10.20 per share, for a total transaction of $51,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Avedick Baruyr Poladian purchased 10,000 shares of California Resources stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $9.03 per share, with a total value of $90,300.00. Following the completion of the purchase, the director now directly owns 48,439 shares of the company’s stock, valued at $437,404.17. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 17,980 shares of company stock valued at $171,365. 3.50% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Hanson McClain Inc. grew its stake in shares of California Resources by 60.2% in the second quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after acquiring an additional 1,708 shares during the period. Point72 Hong Kong Ltd grew its stake in shares of California Resources by 232.9% in the second quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock worth $133,000 after acquiring an additional 4,718 shares during the period. State of Alaska Department of Revenue grew its stake in shares of California Resources by 375.0% in the second quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock worth $144,000 after acquiring an additional 5,787 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of California Resources in the second quarter worth approximately $255,000. Finally, Aperio Group LLC grew its stake in shares of California Resources by 78.3% in the second quarter. Aperio Group LLC now owns 15,220 shares of the oil and gas producer’s stock worth $300,000 after acquiring an additional 6,683 shares during the period. Hedge funds and other institutional investors own 61.12% of the company’s stock.

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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