California Resources (NYSE:CRC) Announces Quarterly Earnings Results, Beats Expectations By $0.15 EPS

California Resources (NYSE:CRC) announced its quarterly earnings data on Tuesday. The oil and gas producer reported $1.46 EPS for the quarter, beating the consensus estimate of $1.31 by $0.15, Zacks reports. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same period in the prior year, the firm posted $1.50 EPS. California Resources’s revenue for the quarter was down 36.8% on a year-over-year basis.

California Resources Stock Performance

Shares of NYSE CRC traded up $2.14 during trading on Wednesday, reaching $48.79. 240,625 shares of the company traded hands, compared to its average volume of 950,261. The firm has a 50 day simple moving average of $51.01 and a 200-day simple moving average of $47.00. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.08 billion, a PE ratio of 6.68 and a beta of 1.15. California Resources has a 52-week low of $30.97 and a 52-week high of $60.41.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, December 1st. This is a boost from California Resources’s previous quarterly dividend of $0.39. California Resources’s payout ratio is 21.17%.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently made changes to their positions in the business. Sourcerock Group LLC boosted its holdings in shares of California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after buying an additional 779,280 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after buying an additional 647,190 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of California Resources by 461.5% in the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after buying an additional 457,835 shares during the last quarter. Orion Porfolio Solutions LLC boosted its holdings in shares of California Resources by 5,657.2% in the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after buying an additional 404,096 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of California Resources by 44.6% in the second quarter. Squarepoint Ops LLC now owns 707,288 shares of the oil and gas producer’s stock worth $32,302,000 after buying an additional 218,148 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CRC. Roth Capital set a $63.00 price objective on shares of California Resources in a research report on Monday, September 15th. Jefferies Financial Group set a $71.00 price objective on shares of California Resources and gave the company a “buy” rating in a research report on Sunday, September 21st. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research report on Wednesday, October 8th. Barclays increased their price objective on shares of California Resources from $60.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Citigroup increased their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

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.