California Resources (NYSE:CRC) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

California Resources (NYSE:CRC) released its quarterly earnings data on Monday. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02), FiscalAI reports. The business had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS.

California Resources Stock Performance

CRC opened at $58.97 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $50.85 and its 200-day moving average is $49.86. The stock has a market cap of $4.94 billion, a PE ratio of 13.71 and a beta of 1.15. California Resources has a twelve month low of $30.97 and a twelve month high of $60.03.

Wall Street Analyst Weigh In

CRC has been the topic of a number of recent research reports. Wells Fargo & Company restated an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Royal Bank Of Canada set a $70.00 target price on California Resources in a report on Monday, January 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Finally, Mizuho boosted their price objective on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.90.

Institutional Trading of California Resources

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in shares of California Resources by 89.1% in the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after purchasing an additional 21,923 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 valued at $1,832,000 after purchasing an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in California Resources by 38.2% in the first 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 period. Empowered Funds LLC grew its position in California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after buying an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after buying an additional 4,783 shares during the period. Institutional investors own 97.79% of the company’s stock.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.