California Resources (NYSE:CRC) Announces Earnings Results

California Resources (NYSE:CRC) posted its quarterly earnings data on Tuesday. The oil and gas producer reported $0.75 EPS for the quarter, beating the consensus estimate of $0.58 by $0.17, Briefing.com reports. The firm had revenue of $454.00 million during the quarter, compared to analyst estimates of $490.21 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The company’s revenue for the quarter was down 55.7% on a year-over-year basis. During the same quarter last year, the business posted $2.63 EPS.

California Resources Trading Down 4.4 %

NYSE CRC traded down $2.34 on Wednesday, hitting $50.60. 599,119 shares of the stock were exchanged, compared to its average volume of 845,722. The stock has a fifty day moving average price of $53.89 and a two-hundred day moving average price of $52.59. The firm has a market capitalization of $3.48 billion, a P/E ratio of 6.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources has a 52-week low of $37.21 and a 52-week high of $58.44.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio is presently 16.06%.

Wall Street Analyst Weigh In

Several research firms have commented on CRC. Stifel Nicolaus upped their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Barclays assumed coverage on California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research report on Wednesday, March 6th. Finally, Mizuho decreased their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $63.57.

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.