California Resources (NYSE:CRC) Announces Quarterly Earnings Results, Misses Expectations By $0.37 EPS

Key Points

• California Resources reported quarterly EPS of $0.99, missing the $1.36 analyst consensus by $0.37. Revenue reached $1.30 billion, exceeding expectations of $960.2 million.
• The stock opened at $52.08 and trades below its 50-day and 200-day moving averages, while the company reported a negative net margin of 16.10% and a current ratio of 0.55.
• Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $73.09, although some firms recently downgraded the stock. Institutional investors own 97.79% of shares, and an executive sold nearly $643,000 worth of stock under a pre-arranged trading plan.

California Resources (NYSE:CRC - Get Free Report) announced its quarterly earnings results on Monday. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37), FiscalAI reports. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $960.20 million.

California Resources Stock Down 0.0%

CRC opened at $52.08 on Monday. California Resources has a 52 week low of $43.24 and a 52 week high of $71.98. The business has a 50 day moving average price of $54.18 and a two-hundred day moving average price of $58.62. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The company has a market cap of $4.62 billion, a PE ratio of -10.01 and a beta of 0.93.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of research analyst reports. Mizuho lifted their target price on California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Barclays upped their target price on California Resources from $72.00 to $80.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Weiss Ratings cut California Resources from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, July 14th. Finally, UBS Group reissued a "buy" rating and issued a $70.00 price objective (down from $78.00) on shares of California Resources in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $73.09.

Insider Buying and Selling at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the business's stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares of the company's stock, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company's stock.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of CRC. Federated Hermes Inc. boosted its holdings in California Resources by 4.3% during the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock worth $209,000 after buying an additional 195 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock valued at $75,000 after acquiring an additional 214 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of California Resources by 26.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,715 shares of the oil and gas producer's stock valued at $77,000 after acquiring an additional 362 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in shares of California Resources by 9.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 4,512 shares of the oil and gas producer's stock worth $202,000 after acquiring an additional 383 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of California Resources by 8.6% during the 4th quarter. Bank of Montreal Can now owns 4,861 shares of the oil and gas producer's stock worth $217,000 after acquiring an additional 384 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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