Equities Analysts Offer Predictions for California Resources Co.’s Q4 2024 Earnings (NYSE:CRC)

California Resources Co. (NYSE:CRC) – Stock analysts at Roth Capital reduced their Q4 2024 earnings per share estimates for shares of California Resources in a research report issued on Tuesday, May 7th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will earn $1.35 per share for the quarter, down from their prior estimate of $1.41. The consensus estimate for California Resources’ current full-year earnings is $4.64 per share. Roth Capital also issued estimates for California Resources’ Q1 2025 earnings at $1.08 EPS, Q2 2025 earnings at $1.04 EPS, Q3 2025 earnings at $1.66 EPS, Q4 2025 earnings at $1.60 EPS and FY2025 earnings at $5.38 EPS.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.17. The firm had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue for the quarter was down 55.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.63 EPS.

CRC has been the topic of a number of other reports. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Stifel Nicolaus lifted their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Mizuho dropped their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $63.57.

California Resources Price Performance

Shares of NYSE:CRC opened at $50.09 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44. The company’s fifty day moving average is $53.83 and its two-hundred day moving average is $52.58. The company has a market cap of $3.44 billion, a P/E ratio of 6.49 and a beta of 1.03.

Hedge Funds Weigh In On California Resources

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in California Resources by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,299,902 shares of the oil and gas producer’s stock valued at $180,440,000 after purchasing an additional 190,588 shares during the period. LSV Asset Management grew its stake in shares of California Resources by 6.2% in the fourth quarter. LSV Asset Management now owns 3,125,466 shares of the oil and gas producer’s stock worth $170,900,000 after acquiring an additional 182,246 shares during the last quarter. Pacer Advisors Inc. increased its position in California Resources by 71.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after acquiring an additional 821,827 shares during the period. American Century Companies Inc. raised its stake in California Resources by 13.2% during the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock valued at $51,820,000 after purchasing an additional 108,123 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in California Resources by 229.6% in the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock valued at $48,441,000 after purchasing an additional 617,084 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio is 16.06%.

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.