California Resources (NYSE:CRC) Releases Earnings Results, Beats Estimates By $0.05 EPS

California Resources (NYSE:CRC) announced its earnings results on Tuesday. The oil and gas producer reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.05, FiscalAI reports. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million.

California Resources Stock Performance

Shares of NYSE:CRC traded up $1.04 during mid-day trading on Tuesday, reaching $70.21. The company had a trading volume of 822,244 shares, compared to its average volume of 935,043. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 17.21 and a beta of 0.96. The company’s 50-day moving average price is $64.26 and its 200-day moving average price is $53.97. California Resources has a one year low of $35.04 and a one year high of $71.98.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s payout ratio is 39.71%.

Insider Activity at California Resources

In related news, COO Omar Hayat sold 23,000 shares of California Resources stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the sale, the chief operating officer owned 82,236 shares of the company’s stock, valued at approximately $5,416,885.32. The trade was a 21.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Noelle M. Repetti sold 8,564 shares of California Resources stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total transaction of $545,612.44. Following the completion of the sale, the vice president directly owned 7,684 shares in the company, valued at $489,547.64. This trade represents a 52.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 72,283 shares of company stock worth $4,636,646. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On California Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of CRC. AQR Capital Management LLC raised its holdings in California Resources by 89.1% during the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after acquiring an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in California Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after acquiring an additional 2,394 shares during the period. Goldman Sachs Group Inc. raised its holdings in California Resources by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after acquiring an additional 181,833 shares during the period. Empowered Funds LLC raised its holdings in California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after acquiring an additional 1,857 shares during the period. Finally, Intech Investment Management LLC raised its holdings in California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after acquiring an additional 4,783 shares during the period. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRC. Wells Fargo & Company boosted their target price on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Royal Bank Of Canada set a $70.00 target price on California Resources in a research note on Monday, January 5th. UBS Group boosted their target price on California Resources from $81.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Finally, Zacks Research upgraded California Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, California Resources presently has a consensus rating of “Buy” and an average price target of $71.20.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.