California Resources (NYSE:CRC) Releases Quarterly Earnings Results, Misses Estimates By $0.37 EPS

California Resources (NYSE:CRC) announced its quarterly earnings results on Monday. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37), FiscalAI reports. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million.

California Resources Trading Down 0.0%

Shares of NYSE:CRC opened at $52.08 on Monday. The stock’s 50-day simple moving average is $54.18 and its two-hundred day simple moving average is $58.62. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of -10.01 and a beta of 0.93. California Resources has a 52-week low of $43.24 and a 52-week high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of recent analyst reports. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Weiss Ratings lowered shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. Mizuho boosted their price objective on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group restated a “buy” rating and set a $70.00 price objective (down from $78.00) on shares of California Resources in a research report on Monday, July 13th. Finally, Barclays raised their target price on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $73.09.

Insider Buying and Selling at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Institutional Trading of California Resources

Several large investors have recently added to or reduced their stakes in CRC. Hudson Bay Capital Management LP bought a new position in shares of California Resources in the fourth quarter worth about $200,000. Smartleaf Asset Management LLC grew its stake in shares of California Resources by 26.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,715 shares of the oil and gas producer’s stock valued at $77,000 after acquiring an additional 362 shares during the period. Quadrant Capital Group LLC grew its stake in shares of California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after acquiring an additional 214 shares during the period. Vestcor Inc purchased a new stake in California Resources in the 3rd quarter worth approximately $176,000. Finally, State of Wyoming increased its holdings in California Resources by 261.6% in the 2nd quarter. State of Wyoming now owns 3,887 shares of the oil and gas producer’s stock worth $178,000 after acquiring an additional 2,812 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.