California Resources (NYSE:CRC) Issues Quarterly Earnings Results, Misses Expectations By $0.19 EPS

California Resources (NYSE:CRCGet Rating) released its quarterly earnings data on Thursday. The oil and gas producer reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.19), Briefing.com reports. California Resources had a return on equity of 42.74% and a net margin of 32.40%. The firm had revenue of $153.00 million during the quarter, compared to the consensus estimate of $443.19 million. During the same period in the previous year, the firm earned $1.22 EPS. The business’s revenue was down 57.9% compared to the same quarter last year.

Shares of California Resources stock traded up $0.13 on Friday, reaching $43.21. The company had a trading volume of 743,150 shares, compared to its average volume of 819,902. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 6.76 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.88 and a quick ratio of 0.81. The firm’s 50-day moving average price is $43.99 and its two-hundred day moving average price is $43.17. California Resources has a 1 year low of $23.43 and a 1 year high of $50.44.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Wednesday, June 1st will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, May 31st. California Resources’s dividend payout ratio (DPR) is 10.64%.

In related news, major shareholder Goldentree Asset Management Lp sold 200,000 shares of the business’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $44.38, for a total transaction of $8,876,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ares Management Llc sold 18,800 shares of the business’s stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $42.77, for a total value of $804,076.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,075,249 shares of company stock valued at $51,165,898. Company insiders own 0.03% of the company’s stock.

Several hedge funds have recently modified their holdings of CRC. Morgan Stanley lifted its holdings in shares of California Resources by 6.8% in the 2nd quarter. Morgan Stanley now owns 29,437 shares of the oil and gas producer’s stock worth $888,000 after buying an additional 1,867 shares during the period. LPL Financial LLC purchased a new stake in shares of California Resources in the 3rd quarter worth $303,000. Bank of New York Mellon Corp lifted its holdings in shares of California Resources by 33.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 320,507 shares of the oil and gas producer’s stock worth $13,141,000 after buying an additional 81,075 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of California Resources by 19.6% in the 4th quarter. JPMorgan Chase & Co. now owns 108,830 shares of the oil and gas producer’s stock worth $4,648,000 after buying an additional 17,833 shares during the period. Finally, Guggenheim Capital LLC bought a new position in shares of California Resources in the 4th quarter worth $565,000. Institutional investors and hedge funds own 92.24% of the company’s stock.

A number of research firms have issued reports on CRC. StockNews.com downgraded California Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 15th. KeyCorp lifted their price objective on California Resources from $50.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, April 8th. Bank of America began coverage on California Resources in a research note on Monday, January 10th. They issued a “buy” rating and a $64.00 price objective on the stock. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, April 12th. Finally, TheStreet downgraded California Resources from a “c” rating to a “d” rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $55.60.

About California Resources (Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.

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Earnings History for California Resources (NYSE:CRC)

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