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

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

California Resources Stock Performance

Shares of CRC opened at $46.66 on Wednesday. California Resources has a 12-month low of $30.97 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The business’s fifty day moving average price is $51.01 and its 200 day moving average price is $47.00. The stock has a market capitalization of $3.90 billion, a PE ratio of 6.37 and a beta of 1.15.

Analyst Upgrades and Downgrades

Several research firms recently commented on CRC. JPMorgan Chase & Co. boosted their price target on California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. Barclays increased their target price on California Resources from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Zacks Research cut California Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. UBS Group increased their target price on California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Finally, Citigroup increased their target price on California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.27.

Institutional Investors Weigh In On California Resources

Several large investors have recently added to or reduced their stakes in the stock. Sourcerock Group LLC increased its position in 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 period. Invesco Ltd. increased its position in 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 period. Squarepoint Ops LLC increased its position in 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 period. Goldman Sachs Group Inc. increased its holdings in shares of California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares during the period. Finally, Balyasny Asset Management L.P. raised its stake in shares of California Resources by 461.5% during the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock valued at $25,440,000 after purchasing an additional 457,835 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

About California Resources

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.