California Resources (NYSE:CRC) Issues Quarterly Earnings Results

California Resources (NYSE:CRC) released its quarterly earnings results on Tuesday. The oil and gas producer reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62, Briefing.com reports. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same quarter last year, the firm posted $1.02 earnings per share. The company’s quarterly revenue was up 194.1% compared to the same quarter last year.

California Resources Stock Performance

NYSE CRC opened at $56.55 on Friday. The stock has a market cap of $3.84 billion, a P/E ratio of 25.13, a PEG ratio of 1.30 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. The company’s 50-day simple moving average is $51.95 and its 200 day simple moving average is $50.76.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 annualized dividend and a dividend yield of 2.74%. California Resources’s dividend payout ratio (DPR) is currently 68.89%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRC shares. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Barclays increased their price objective 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. Citigroup boosted their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Stephens began coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target for the company. Finally, UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Insiders Place Their Bets

In related news, Director Christian S. Kendall bought 20,895 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 26,270 shares of company stock worth $1,387,778 over the last quarter. Company insiders own 0.63% of the company’s stock.

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.