California Resources (NYSE:CRC) Posts Quarterly Earnings Results, Beats Estimates By $0.17 EPS

California Resources (NYSE:CRC) released its quarterly earnings results on Monday. The oil and gas producer reported $1.17 EPS for the quarter, topping the consensus estimate of $1.00 by $0.17, FiscalAI reports. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $967.71 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.

California Resources Stock Down 5.6%

CRC stock traded down $3.12 on Monday, hitting $52.34. 1,014,411 shares of the company’s stock were exchanged, compared to its average volume of 883,016. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The firm has a 50 day moving average price of $53.63 and a two-hundred day moving average price of $56.92. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The stock has a market cap of $4.65 billion, a P/E ratio of -38.49 and a beta of 1.02.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a dividend of $0.4050 per share. This represents a $1.62 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, September 4th. California Resources’s payout ratio is -119.12%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Stephens dropped their price objective on California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Barclays set a $74.00 price target on shares of California Resources and gave the company an “overweight” rating in a research report on Monday, August 17th. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, UBS Group restated a “buy” rating and issued a $68.00 price target (down from $73.00) on shares of California Resources in a report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.44.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 123,703 shares in the company, valued at approximately $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,721 shares of company stock worth $1,928,934. Corporate insiders own 0.53% of the company’s stock.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.