Roth Capital Has Negative Forecast for CRC FY2024 Earnings

California Resources Co. (NYSE:CRC - Free Report) - Investment analysts at Roth Capital cut their FY2024 earnings per share estimates for California Resources in a research note issued on Wednesday, November 6th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $3.31 for the year, down from their previous estimate of $3.37. The consensus estimate for California Resources' current full-year earnings is $3.42 per share. Roth Capital also issued estimates for California Resources' Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.89 EPS.

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

CRC has been the topic of several other reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Stephens started coverage on shares of California Resources in a research report on Tuesday, October 22nd. They issued an "overweight" rating and a $73.00 target price for the company. StockNews.com lowered shares of California Resources from a "hold" rating to a "sell" rating in a research report on Friday. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, October 3rd. Finally, Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, California Resources currently has an average rating of "Moderate Buy" and a consensus price target of $65.50.

California Resources Price Performance

California Resources stock traded up $2.32 during trading on Monday, reaching $59.25. The company had a trading volume of 886,260 shares, compared to its average volume of 855,850. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.33 and a current ratio of 0.97. The firm's 50-day simple moving average is $52.17 and its 200 day simple moving average is $50.74. The firm has a market capitalization of $4.02 billion, a PE ratio of 9.33, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.3875 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.62%. California Resources's payout ratio is currently 24.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company's stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,270 shares of company stock valued at $1,387,778. Company insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 371 shares in the last quarter. KBC Group NV raised its holdings in California Resources by 29.1% during the third 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 in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock valued at $169,000 after buying an additional 276 shares in the last quarter. Atria Investments Inc acquired a new stake in California Resources during the 3rd quarter worth $209,000. Finally, Privium Fund Management B.V. acquired a new position in California Resources in the second quarter valued at $258,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.