California Resources (NYSE:CRC) Announces Quarterly Earnings Results

California Resources (NYSE:CRC) posted its earnings results on Tuesday. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62, Briefing.com reports. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter in the prior year, the firm earned $1.02 EPS. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis.

California Resources Trading Down 0.5 %

Shares of CRC stock traded down $0.30 during trading hours on Thursday, hitting $56.55. 1,035,075 shares of the company were exchanged, compared to its average volume of 856,164. The firm has a market cap of $3.84 billion, a P/E ratio of 25.23, a P/E/G ratio of 1.30 and a beta of 0.98. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. The company has a 50 day simple moving average of $51.88 and a two-hundred day simple moving average of $50.72.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is presently 68.89%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CRC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. TD Cowen initiated coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target for the company. Barclays raised their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Jefferies Financial Group initiated coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target for the company. Finally, Citigroup raised their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Insider Buying and Selling at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This represents a 500.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,270 shares of company stock worth $1,387,778. Corporate insiders own 0.63% of the company’s stock.

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.