California Resources (NYSE:CRC) Announces Earnings Results

California Resources (NYSE:CRC - Get Free Report) announced its earnings results on Tuesday. The oil and gas producer reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.17, Briefing.com reports. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same period in the previous year, the business earned $2.63 EPS. The firm's revenue for the quarter was down 55.7% on a year-over-year basis.

California Resources Stock Performance

California Resources stock traded down $2.85 during midday trading on Wednesday, hitting $50.09. 1,351,556 shares of the company were exchanged, compared to its average volume of 854,847. California Resources has a fifty-two week low of $37.21 and a fifty-two week high of $58.44. The firm has a market capitalization of $3.44 billion, a PE ratio of 6.49 and a beta of 1.03. The business has a fifty day simple moving average of $53.89 and a two-hundred day simple moving average of $52.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.48%. California Resources's payout ratio is 16.06%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Mizuho lowered their target price on shares of California Resources from $69.00 to $63.00 and set a "buy" rating for the company in a research note on Friday, March 22nd. Stifel Nicolaus lifted their price objective on shares of California Resources from $68.00 to $69.00 and gave the stock a "buy" rating in a research note on Tuesday, April 23rd. Royal Bank of Canada restated an "outperform" rating and issued a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Finally, Barclays started coverage on California Resources in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $62.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $63.57.

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.