California Resources (NYSE:CRC) Announces Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Key Points

• California Resources beat quarterly expectations: The oil and gas producer reported adjusted EPS of $1.17, exceeding the $1.00 consensus estimate by $0.17, while revenue reached $1.10 billion versus expectations of $967.71 million.
• Shares declined despite the earnings beat: CRC stock fell $3.12 to $52.34 during Monday trading. The company has a market capitalization of approximately $4.65 billion and trades near the lower end of its 52-week range.
• Analyst sentiment remains moderately positive: The stock has a consensus “Moderate Buy” rating and an average price target of $74.44, while the company maintains a quarterly dividend of $0.405 per share, equivalent to a 3.1% yield.

California Resources (NYSE:CRC - Get Free Report) issued its quarterly earnings data on Monday. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.17, FiscalAI reports. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $967.71 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%.

California Resources Stock Performance

Shares of California Resources stock traded down $3.12 during trading hours on Monday, hitting $52.34. 1,014,411 shares of the company were exchanged, compared to its average volume of 883,016. California Resources has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average of $53.63 and a 200-day moving average of $56.92. The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of -38.49 and a beta of 1.02.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.4050 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. California Resources's payout ratio is presently -119.12%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CRC. Seaport Research Partners began coverage on shares of California Resources in a research note on Thursday, September 3rd. They issued a "neutral" rating on the stock. Stephens lowered their price objective on shares of California Resources from $93.00 to $91.00 and set an "overweight" rating for the company in a research report on Friday, September 18th. Stifel Nicolaus started coverage on shares of California Resources in a report on Thursday, September 10th. They issued a "buy" rating and a $68.00 target price for the company. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Finally, Roth Capital reaffirmed a "buy" rating and set a $59.00 target price (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.44.

Insiders Place Their Bets

In other news, EVP Jay Bys sold 11,907 shares of the company's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 123,703 shares of the company's stock, valued at $6,679,962. This represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 35,721 shares of company stock valued at $1,928,934. 0.53% of the stock is currently owned by insiders.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state's San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.

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