California Resources Co. to Post Q2 2024 Earnings of $0.19 Per Share, Roth Capital Forecasts (NYSE:CRC)

California Resources Co. (NYSE:CRC) – Analysts at Roth Capital cut their Q2 2024 earnings per share estimates for shares of California Resources in a research note issued on Tuesday, August 6th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will earn $0.19 per share for the quarter, down from their previous estimate of $0.96. The consensus estimate for California Resources’ current full-year earnings is $4.99 per share. Roth Capital also issued estimates for California Resources’ Q4 2024 earnings at $1.71 EPS, FY2024 earnings at $3.05 EPS, Q1 2025 earnings at $0.55 EPS, Q2 2025 earnings at $0.52 EPS, Q4 2025 earnings at $1.09 EPS and FY2025 earnings at $3.68 EPS.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period last year, the company earned $0.53 EPS.

Several other equities analysts also recently issued reports on CRC. TD Cowen began coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective for the company. Citigroup began coverage on shares of California Resources in a research note on Friday, July 19th. They issued a “buy” rating and a $63.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Wednesday, June 12th. Mizuho lifted their price target on shares of California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Stifel Nicolaus boosted their target price on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.13.

California Resources Trading Down 2.6 %

CRC stock opened at $47.17 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. California Resources has a 12-month low of $43.09 and a 12-month high of $58.44. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 0.83 and a beta of 0.98. The business’s 50-day moving average is $49.82 and its 200 day moving average is $51.37.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its stake in shares of 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 last quarter. Hennessy Advisors Inc. purchased a new stake in shares of California Resources in the fourth quarter valued at $20,713,000. Vanguard Group Inc. boosted its holdings in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after acquiring an additional 344,043 shares during the last quarter. Vest Financial LLC lifted its stake in shares of California Resources by 7,345.1% in the first quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock worth $18,743,000 after acquiring an additional 335,599 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after purchasing an additional 250,367 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insider Activity at California Resources

In related news, Director Mark Allen Mcfarland sold 37,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the sale, the director now owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is currently owned by insiders.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.29%. This is an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, August 30th. California Resources’s dividend payout ratio is presently 35.53%.

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.