California Resources (NYSE:CRC) Issues Quarterly Earnings Results

Key Points

• California Resources reported earnings of $1.10 per share for the quarter, exceeding analysts' expectations by $0.20 and reflecting a significant year-over-year revenue increase of 90.3%.
• The company declared a quarterly dividend of $0.3875, contributing to an annualized dividend of $1.55 and a dividend yield of 3.2%.
• Analysts have raised their price targets for California Resources, with a consensus target now at $62.27, signaling a bullish outlook on the stock.

California Resources (NYSE:CRC - Get Free Report) posted its earnings results on Tuesday. The oil and gas producer reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.19, Zacks reports. California Resources had a return on equity of 11.95% and a net margin of 16.14%. The business had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same period in the previous year, the business earned $0.60 EPS. The business's quarterly revenue was up 90.3% on a year-over-year basis.

California Resources Trading Up 0.8%

NYSE:CRC traded up $0.36 during mid-day trading on Friday, reaching $47.48. The company's stock had a trading volume of 729,791 shares, compared to its average volume of 988,626. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company's fifty day simple moving average is $47.11 and its two-hundred day simple moving average is $43.99. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.74. The stock has a market cap of $3.97 billion, a P/E ratio of 6.49 and a beta of 1.16.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be given a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.3%. California Resources's dividend payout ratio is 21.17%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in shares of California Resources by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer's stock valued at $28,916,000 after buying an additional 181,833 shares in the last quarter. Empowered Funds LLC increased its stake in California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer's stock worth $2,233,000 after buying an additional 1,857 shares during the period. AQR Capital Management LLC lifted its holdings in California Resources by 89.1% in the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer's stock worth $2,046,000 after buying an additional 21,923 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in California Resources by 6.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer's stock valued at $1,832,000 after buying an additional 2,394 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer's stock valued at $1,401,000 after buying an additional 4,783 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analysts Set New Price Targets

CRC has been the topic of several research reports. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Bank of America reduced their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, Royal Bank Of Canada lowered their price objective on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $62.82.

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.