Roth Capital Has Negative Estimate for CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Investment analysts at Roth Capital reduced their FY2024 EPS estimates for California Resources in a research report issued to clients and investors on Wednesday, November 6th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $3.31 for the year, down from their prior forecast of $3.37. The consensus estimate for California Resources’ current full-year earnings is $3.42 per share. Roth Capital also issued estimates for California Resources’ Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.89 EPS.

Several other research analysts also recently commented on the stock. TD Cowen assumed coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Finally, UBS Group assumed coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Trading Up 4.1 %

CRC stock opened at $59.25 on Monday. The company has a market capitalization of $4.02 billion, a PE ratio of 9.33, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98. California Resources has a one year low of $43.09 and a one year high of $60.41. The company’s 50 day moving average price is $52.17 and its two-hundred day moving average price is $50.74. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.33 and a current ratio of 0.97.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. 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 17.43% and a return on equity of 12.16%. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.62%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is currently 24.41%.

Insider Activity at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 over the last quarter. Corporate insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares in the last quarter. KBC Group NV boosted its stake in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares in the last quarter. Atria Investments Inc bought a new position in California Resources in the 3rd quarter worth about $209,000. Finally, Privium Fund Management B.V. bought a new position in California Resources in the 2nd quarter worth about $258,000. Institutional investors own 97.79% 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.