California Resources Corporation (CRC) Forecasted to Earn FY2017 Earnings of ($4.79) Per Share
California Resources Corporation (NYSE:CRC) – Equities research analysts at Imperial Capital lifted their FY2017 earnings estimates for shares of California Resources Corporation in a report released on Wednesday. Imperial Capital analyst J. Wangler now anticipates that the oil and gas producer will post earnings per share of ($4.79) for the year, up from their prior estimate of ($6.26). Imperial Capital currently has a “In-Line” rating and a $18.00 target price on the stock. Imperial Capital also issued estimates for California Resources Corporation’s Q4 2017 earnings at ($0.72) EPS, Q1 2018 earnings at ($0.77) EPS, Q2 2018 earnings at ($0.70) EPS, Q3 2018 earnings at ($0.74) EPS, Q4 2018 earnings at ($0.48) EPS and FY2018 earnings at ($2.69) EPS.
A number of other equities analysts have also commented on CRC. Zacks Investment Research raised shares of California Resources Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources Corporation in a research report on Saturday, September 16th. ValuEngine raised shares of California Resources Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Finally, Societe Generale raised shares of California Resources Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $14.25.
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California Resources Corporation (NYSE:CRC) opened at $16.26 on Friday. California Resources Corporation has a 1 year low of $6.47 and a 1 year high of $23.42. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of -8.78.
California Resources Corporation (NYSE:CRC) last released its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, topping analysts’ consensus estimates of ($1.61) by $0.39. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $476.87 million. During the same period in the prior year, the business posted ($1.75) earnings per share. California Resources Corporation’s revenue was down .2% compared to the same quarter last year.
A number of hedge funds have recently added to or reduced their stakes in CRC. Raymond James Financial Services Advisors Inc. increased its holdings in California Resources Corporation by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 743 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in California Resources Corporation in the 3rd quarter valued at about $117,000. Koch Industries Inc. increased its holdings in California Resources Corporation by 1,014.6% in the 2nd quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after buying an additional 134,927 shares during the period. Bayesian Capital Management LP bought a new position in California Resources Corporation in the 2nd quarter valued at about $141,000. Finally, BlueCrest Capital Management Ltd increased its holdings in California Resources Corporation by 17.5% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after buying an additional 2,509 shares during the period. 74.15% of the stock is currently owned by hedge funds and other institutional investors.
About California Resources Corporation
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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