Capital One Financial Predicts CRC FY2024 Earnings

California Resources Co. (NYSE:CRC - Free Report) - Analysts at Capital One Financial dropped their FY2024 earnings per share (EPS) estimates for California Resources in a report issued on Tuesday, January 14th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will post earnings per share of $3.59 for the year, down from their previous forecast of $3.61. Capital One Financial has a "Strong-Buy" rating on the stock. The consensus estimate for California Resources' current full-year earnings is $3.66 per share. Capital One Financial also issued estimates for California Resources' Q4 2024 earnings at $0.74 EPS, Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $0.64 EPS, Q3 2025 earnings at $1.07 EPS and Q4 2025 earnings at $0.93 EPS.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. California Resources's revenue was up 194.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS.

A number of other analysts have also issued reports on CRC. Barclays boosted their target price on California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, October 3rd. Royal Bank of Canada reissued an "outperform" rating and set a $70.00 target price on shares of California Resources in a research note on Tuesday. TD Cowen lifted their target price on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. began coverage on shares of California Resources in a research report on Friday, December 20th. They set a "neutral" rating and a $63.00 price target on the stock. Finally, UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $67.25.

California Resources Trading Down 0.2 %

Shares of California Resources stock traded down $0.11 on Thursday, reaching $53.99. The company had a trading volume of 511,254 shares, compared to its average volume of 860,405. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The firm has a market cap of $4.93 billion, a PE ratio of 8.50, a PEG ratio of 1.21 and a beta of 1.05. The firm's 50 day moving average price is $54.86 and its two-hundred day moving average price is $52.51. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRC. GAMMA Investing LLC increased its holdings in shares of California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after acquiring an additional 222 shares during the period. Farther Finance Advisors LLC grew its position in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock worth $169,000 after purchasing an additional 276 shares during the last quarter. KBC Group NV grew its position in California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock worth $100,000 after purchasing an additional 431 shares during the last quarter. Amalgamated Bank increased its stake in California Resources by 3.1% in the third quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer's stock valued at $1,071,000 after purchasing an additional 605 shares during the period. Finally, AlphaMark Advisors LLC raised its holdings in shares of California Resources by 10.9% in the third quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer's stock valued at $349,000 after buying an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Insider Activity at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by corporate insiders.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.87%. The ex-dividend date was Monday, December 2nd. California Resources's dividend payout ratio (DPR) is presently 24.41%.

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.