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

California Resources (NYSE:CRC) issued its quarterly earnings results on Tuesday. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.17, Briefing.com reports. The company had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. California Resources’s revenue for the quarter was down 55.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.63 earnings per share.

California Resources Stock Down 4.1 %

Shares of CRC traded down $2.18 during mid-day trading on Wednesday, hitting $50.76. 647,326 shares of the company’s stock were exchanged, compared to its average volume of 846,505. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources has a fifty-two week low of $37.21 and a fifty-two week high of $58.44. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 6.49 and a beta of 1.03. The stock’s 50-day moving average is $53.89 and its 200-day moving average is $52.59.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of research reports. Barclays assumed coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Mizuho lowered their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Stifel Nicolaus raised their target price on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.57.

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.