California Resources (NYSE:CRC) Posts Earnings Results, Beats Estimates By $0.09 EPS

California Resources (NYSE:CRC) released its earnings results on Tuesday. The oil and gas producer reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09, Zacks reports. California Resources had a net margin of 16.14% and a return on equity of 11.95%.

California Resources Price Performance

Shares of NYSE:CRC traded down $0.50 during midday trading on Tuesday, reaching $46.66. 870,885 shares of the company’s stock traded hands, compared to its average volume of 953,948. The company has a fifty day simple moving average of $51.07 and a two-hundred day simple moving average of $46.92. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The company has a market cap of $3.90 billion, a P/E ratio of 6.37 and a beta of 1.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, October 8th. UBS Group lifted their price objective on shares of California Resources from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Bank of America boosted their target price on shares of California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.27.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. AQR Capital Management LLC increased its stake in shares of California Resources by 89.1% in the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after acquiring an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of California Resources by 6.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock worth $1,832,000 after buying an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of California Resources by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock worth $28,916,000 after purchasing an additional 181,833 shares during the last quarter. Empowered Funds LLC lifted its position in shares of California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after purchasing an additional 1,857 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after purchasing an additional 4,783 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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.