FY2024 EPS Estimates for CRC Cut by Capital One Financial

California Resources Co. (NYSE:CRC) – Investment analysts at Capital One Financial reduced their FY2024 earnings per share (EPS) estimates for shares of California Resources in a note issued to investors on Tuesday, January 14th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will post earnings of $3.59 per share for the year, down from their previous forecast of $3.61. Capital One Financial has a “Strong-Buy” rating on the stock. The consensus estimate for California Resources’ current full-year earnings is $3.66 per share. Capital One Financial also issued estimates for California Resources’ Q4 2024 earnings at $0.74 EPS, Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $0.64 EPS, Q3 2025 earnings at $1.07 EPS and Q4 2025 earnings at $0.93 EPS.

Several other equities research analysts have also recently issued reports on CRC. JPMorgan Chase & Co. started coverage on shares of California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. UBS Group began coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. TD Cowen upped their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. Finally, StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.25.

California Resources Stock Down 0.6 %

Shares of California Resources stock opened at $53.65 on Thursday. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41. The company has a 50 day moving average of $54.81 and a 200 day moving average of $52.52. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $4.90 billion, a P/E ratio of 8.45, a P/E/G ratio of 1.21 and a beta of 1.05.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s payout ratio is currently 24.41%.

Insider Transactions at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % 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.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRC. GAMMA Investing LLC increased its position in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of California Resources in the third quarter valued at approximately $70,000. KBC Group NV grew its holdings in California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares during the period. Finally, Farther Finance Advisors LLC raised its position in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

About California Resources

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.