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

California Resources (NYSE:CRC) issued its quarterly earnings data on Tuesday. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62, Briefing.com reports. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same period last year, the firm posted $1.02 EPS. California Resources’s quarterly revenue was up 194.1% compared to the same quarter last year.

California Resources Trading Down 0.5 %

NYSE:CRC opened at $56.55 on Friday. The stock has a market cap of $3.84 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 1.30 and a beta of 0.98. California Resources has a fifty-two week low of $43.09 and a fifty-two week 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. The stock’s 50-day moving average is $51.95 and its two-hundred day moving average is $50.76.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.74%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is currently 68.89%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Stephens started coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. Citigroup raised their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Barclays upped their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. TD Cowen assumed coverage on California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,270 shares of company stock valued at $1,387,778 over the last three months. 0.63% of the stock is owned by corporate insiders.

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.