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 quarterly earnings data on Tuesday. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19, Zacks reports. The business had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company's revenue was up 90.3% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share.

California Resources Price Performance

Shares of CRC stock opened at $47.87 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The firm's 50-day moving average is $46.82 and its two-hundred day moving average is $44.04. California Resources has a 12 month low of $30.97 and a 12 month high of $60.41. The company has a market capitalization of $4.27 billion, a PE ratio of 8.69 and a beta of 1.16.

Analyst Ratings Changes

Several equities analysts have issued reports on CRC shares. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Citigroup increased their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Bank of America decreased their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Finally, Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $62.27.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently bought and sold shares of the company. Strs Ohio purchased a new position in California Resources during the first quarter worth about $106,000. Intech Investment Management LLC raised its stake in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer's stock worth $1,401,000 after purchasing an additional 4,783 shares during the period. Empowered Funds LLC raised its stake in California Resources by 3.8% during the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer's stock worth $2,233,000 after purchasing an additional 1,857 shares during the period. Goldman Sachs Group Inc. raised its stake in California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer's stock worth $28,916,000 after purchasing an additional 181,833 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 acquiring an additional 2,394 shares during the period. 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.