California Resources (NYSE:CRC) Releases Earnings Results, Misses Expectations By $0.05 EPS

California Resources (NYSE:CRC - Get Free Report) issued its earnings results on Monday. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05), Zacks reports. The firm had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%.

California Resources Price Performance

NYSE:CRC traded up $0.62 during mid-day trading on Thursday, reaching $40.89. 1,103,504 shares of the company were exchanged, compared to its average volume of 809,104. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.74 billion, a PE ratio of 6.44, a PEG ratio of 1.02 and a beta of 1.06. California Resources has a 12 month low of $38.02 and a 12 month high of $60.41. The company has a fifty day moving average of $49.55 and a 200 day moving average of $52.04.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.79%. California Resources's dividend payout ratio is 24.41%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Truist Financial started coverage on shares of California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price target on the stock. TD Cowen upped their target price on shares of California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research note on Friday, December 20th. They set a "neutral" rating and a $63.00 price target for the company. Capital One Financial raised California Resources to a "strong-buy" rating in a report on Monday, December 9th. Finally, Barclays dropped their target price on California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a report on Wednesday. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $67.08.

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Insiders Place Their Bets

In other news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company's stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.03% of the company's stock.

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.