California Resources (NYSE:CRC) Releases Quarterly Earnings Results, Beats Estimates By $0.62 EPS

California Resources (NYSE:CRC) released its quarterly 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 business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The company’s quarterly revenue was up 194.1% on a year-over-year basis.

California Resources Price Performance

CRC opened at $56.11 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The company’s 50 day simple moving average is $51.88 and its 200-day simple moving average is $50.72. California Resources has a one year low of $43.09 and a one year high of $60.41. The stock has a market capitalization of $3.81 billion, a P/E ratio of 25.25, a price-to-earnings-growth ratio of 1.28 and a beta of 0.98.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s dividend payout ratio is presently 68.89%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by corporate insiders.

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.