California Resources Corp (NYSE:CRC) Expected to Post Earnings of -$0.37 Per Share

Analysts expect California Resources Corp (NYSE:CRC) to report ($0.37) earnings per share (EPS) for the current quarter, according to Zacks. Two analysts have issued estimates for California Resources’ earnings, with the highest EPS estimate coming in at ($0.01) and the lowest estimate coming in at ($0.75). California Resources reported earnings per share of $0.81 in the same quarter last year, which indicates a negative year over year growth rate of 145.7%. The company is scheduled to announce its next quarterly earnings results after the market closes on Monday, November 4th.

On average, analysts expect that California Resources will report full-year earnings of ($0.37) per share for the current fiscal year, with EPS estimates ranging from ($1.17) to $0.12. For the next fiscal year, analysts expect that the business will report earnings of ($2.22) per share, with EPS estimates ranging from ($6.76) to $0.06. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that follow California Resources.

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

Several equities analysts have weighed in on the company. ValuEngine raised California Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Imperial Capital dropped their target price on California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research report on Monday, August 5th. Bank of America boosted their price objective on California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Finally, Zacks Investment Research raised California Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $24.17.

NYSE CRC traded up $0.21 during trading on Tuesday, hitting $7.62. The stock had a trading volume of 1,773,204 shares, compared to its average volume of 2,709,737. The company has a market capitalization of $363.12 million, a PE ratio of 6.00 and a beta of 4.48. The firm has a 50 day moving average price of $9.89 and a 200 day moving average price of $15.59. California Resources has a twelve month low of $7.29 and a twelve month high of $35.20.

In other California Resources news, Director Avedick Baruyr Poladian purchased 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $9.03 per share, with a total value of $90,300.00. Following the completion of the acquisition, the director now directly owns 48,439 shares of the company’s stock, valued at approximately $437,404.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd A. Stevens purchased 5,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $10.20 per share, with a total value of $51,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 17,980 shares of company stock valued at $171,365. Corporate insiders own 3.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CRC. Nisa Investment Advisors LLC boosted its holdings in California Resources by 8,217.4% in the second quarter. Nisa Investment Advisors LLC now owns 19,130 shares of the oil and gas producer’s stock valued at $376,000 after purchasing an additional 18,900 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in 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 valued at $144,000 after purchasing an additional 5,787 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in California Resources by 24.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 120,888 shares of the oil and gas producer’s stock valued at $2,379,000 after purchasing an additional 23,896 shares in the last quarter. Hanson McClain Inc. boosted its holdings in 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 valued at $89,000 after purchasing an additional 1,708 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in California Resources in the second quarter valued at approximately $255,000. 61.12% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: Trading Strategy Examples and Plans

Get a free copy of the Zacks research report on California Resources (CRC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.