California Resources (NYSE:CRC) Posts Earnings Results, Misses Expectations By $0.36 EPS

California Resources (NYSE:CRC) posted its earnings results on Tuesday. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36), Briefing.com reports. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a net margin of 11.34% and a return on equity of 11.00%. California Resources’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share.

California Resources Stock Up 6.1 %

Shares of CRC stock traded up $2.62 during trading hours on Wednesday, reaching $45.91. 764,821 shares of the company’s stock were exchanged, compared to its average volume of 907,226. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 0.98. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $58.44. The stock’s 50 day moving average is $49.81 and its 200-day moving average is $51.46.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup started coverage on shares of California Resources in a research report on Friday, July 19th. They set a “buy” rating and a $63.00 price objective on the stock. Mizuho increased their price target on shares of California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. TD Cowen began coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. Barclays started coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective for the company. Finally, Stifel Nicolaus boosted their target price on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Activity

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the sale, the director now directly owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% 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.