Zacks: Analysts Anticipate California Resources Corp (CRC) Will Announce Earnings of $0.03 Per Share

Analysts forecast that California Resources Corp (NYSE:CRC) will report $0.03 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for California Resources’ earnings, with the highest EPS estimate coming in at $0.03 and the lowest estimate coming in at $0.02. California Resources reported earnings per share of ($0.33) during the same quarter last year, which suggests a positive year-over-year growth rate of 109.1%. The firm is scheduled to report its next quarterly earnings results after the market closes on Wednesday, February 27th.

On average, analysts expect that California Resources will report full year earnings of $0.74 per share for the current financial year, with EPS estimates ranging from $0.72 to $0.75. For the next financial year, analysts forecast that the firm will post earnings of $0.55 per share, with EPS estimates ranging from $0.14 to $0.95. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow California Resources.

A number of research firms have recently issued reports on CRC. ValuEngine downgraded shares of California Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 17th. TheStreet upgraded shares of California Resources from a “d” rating to a “c-” rating in a report on Thursday, November 15th. Bank of America cut shares of California Resources to a “sell” rating and set a $10.00 target price for the company. in a research report on Thursday, December 20th. Finally, Zacks Investment Research cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, December 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. California Resources presently has an average rating of “Hold” and an average price target of $46.00.

Shares of NYSE:CRC traded up $1.28 during trading on Wednesday, hitting $19.53. 3,591,600 shares of the company’s stock were exchanged, compared to its average volume of 2,010,810. California Resources has a 1-year low of $13.26 and a 1-year high of $50.34. The stock has a market cap of $923.91 million, a price-to-earnings ratio of -4.44 and a beta of 4.75.

In other news, Director Harold M. Korell bought 4,736 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were bought at an average cost of $21.11 per share, for a total transaction of $99,976.96. Following the acquisition, the director now directly owns 44,455 shares in the company, valued at $938,445.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.31% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of CRC. Schroder Investment Management Group purchased a new stake in shares of California Resources during the 2nd quarter valued at $427,000. Bank of New York Mellon Corp lifted its position in California Resources by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 218,655 shares of the oil and gas producer’s stock worth $9,935,000 after buying an additional 11,855 shares during the last quarter. Northern Trust Corp lifted its position in California Resources by 7.7% in the 2nd quarter. Northern Trust Corp now owns 546,878 shares of the oil and gas producer’s stock worth $24,851,000 after buying an additional 39,249 shares during the last quarter. United Services Automobile Association bought a new stake in California Resources in the 2nd quarter worth approximately $312,000. Finally, First Quadrant L P CA bought a new stake in California Resources in the 3rd quarter worth approximately $634,000. Institutional investors and hedge funds own 69.54% of the company’s stock.

About California Resources

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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