FY2024 EPS Estimate for California Resources Cut by Analyst

California Resources Co. (NYSE:CRC) – Equities researchers at Roth Capital reduced their FY2024 earnings per share (EPS) estimates for shares of California Resources in a research note issued on Wednesday, November 6th. Roth Capital analyst L. Mariani now forecasts 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 $3.45 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.

A number of other equities research analysts also recently commented on the company. Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays boosted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. TD Cowen initiated coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective for the company. Finally, Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.50.

California Resources Stock Up 0.6 %

Shares of CRC stock opened at $56.93 on Monday. The company’s fifty day simple moving average is $52.04 and its two-hundred day simple moving average is $50.71. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41. The stock has a market cap of $3.86 billion, a P/E ratio of 8.97, a PEG ratio of 1.40 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

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

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CRC. GAMMA Investing LLC increased its holdings in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the period. KBC Group NV increased its holdings in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares during the period. Farther Finance Advisors LLC raised its position 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 worth $169,000 after acquiring an additional 276 shares in the last quarter. Atria Investments Inc purchased a new stake in shares of California Resources during the 3rd quarter worth $209,000. Finally, Privium Fund Management B.V. bought a new stake in California Resources during the second quarter valued at about $258,000. Institutional investors own 97.79% of the company’s stock.

Insider Activity

In other California Resources 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 value of $488,927.50. Following the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources 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 sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,270 shares of company stock valued at $1,387,778. 0.03% of the stock is currently owned by insiders.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.72%. 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.