California Resources (NYSE:CRC) Announces Earnings Results, Beats Estimates By $0.62 EPS

California Resources (NYSE:CRC) announced its quarterly earnings data on Tuesday. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62, Briefing.com reports. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS.

California Resources Price Performance

Shares of NYSE CRC traded up $4.28 on Wednesday, hitting $58.24. The company’s stock had a trading volume of 665,143 shares, compared to its average volume of 848,527. The stock has a 50 day moving average of $51.79 and a 200-day moving average of $50.68. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 1.28 and a beta of 0.98. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target for the company. Stephens started coverage on California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Barclays lifted their price target on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group assumed coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Insider Transactions at California Resources

In related news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Christian S. Kendall acquired 20,895 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. The trade was a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.63% 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.