Analysts Expect California Resources Corp (NYSE:CRC) Will Announce Quarterly Sales of $671.25 Million

Analysts forecast that California Resources Corp (NYSE:CRC) will report $671.25 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for California Resources’ earnings. The highest sales estimate is $703.00 million and the lowest is $639.50 million. California Resources reported sales of $1.08 billion during the same quarter last year, which indicates a negative year over year growth rate of 37.8%. The business is scheduled to issue its next quarterly earnings results on Wednesday, February 26th.

On average, analysts expect that California Resources will report full year sales of $2.75 billion for the current year, with estimates ranging from $2.66 billion to $2.83 billion. For the next year, analysts expect that the business will post sales of $2.47 billion, with estimates ranging from $2.24 billion to $2.71 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow California Resources.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas producer reported $0.35 EPS for the quarter, beating the consensus estimate of ($0.37) by $0.72. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. The business had revenue of $681.00 million for the quarter, compared to the consensus estimate of $620.31 million. During the same quarter in the prior year, the business earned $0.81 earnings per share. California Resources’s revenue for the quarter was down 17.8% on a year-over-year basis.

Several research firms recently commented on CRC. Imperial Capital dropped their price objective on California Resources from $28.00 to $20.00 and set a “positive” rating on the stock in a research note on Monday, August 5th. Bank of America upped their price objective on California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Zacks Investment Research downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, ValuEngine downgraded California Resources from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $23.33.

California Resources stock traded down $2.28 during trading on Friday, hitting $6.20. The stock had a trading volume of 10,488,536 shares, compared to its average volume of 2,774,245. California Resources has a 1 year low of $4.68 and a 1 year high of $30.18. The stock’s 50 day moving average is $8.37 and its two-hundred day moving average is $13.48. The stock has a market cap of $381.17 million, a price-to-earnings ratio of 4.88 and a beta of 4.38.

Institutional investors have recently bought and sold shares of the stock. Financial Architects Inc lifted its position in shares of California Resources by 139.2% during the third quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 1,400 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of California Resources by 665.5% during the third quarter. Tower Research Capital LLC TRC now owns 6,522 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 5,670 shares in the last quarter. Bourgeon Capital Management LLC purchased a new stake in shares of California Resources during the third quarter worth $189,000. SG Americas Securities LLC lifted its position in shares of California Resources by 326.4% during the third quarter. SG Americas Securities LLC now owns 22,235 shares of the oil and gas producer’s stock worth $227,000 after acquiring an additional 17,021 shares in the last quarter. Finally, Gabelli Funds LLC lifted its position in shares of California Resources by 21.6% during the third quarter. Gabelli Funds LLC now owns 118,658 shares of the oil and gas producer’s stock worth $1,210,000 after acquiring an additional 21,100 shares in the last quarter. Institutional investors and hedge funds own 61.68% 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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