Equities Analysts Offer Predictions for CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Equities researchers at Roth Capital reduced their FY2024 EPS estimates for shares of California Resources in a research note issued on Wednesday, November 6th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will post earnings of $3.31 per share for the year, down from their previous forecast of $3.37. The consensus estimate for California Resources’ current full-year earnings is $3.42 per share. Roth Capital also issued estimates for California Resources’ Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.89 EPS.

Other equities analysts also recently issued reports about the company. TD Cowen assumed coverage on California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target for the company. StockNews.com downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Jefferies Financial Group began coverage on California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Finally, Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average price target of $65.50.

California Resources Trading Down 1.2 %

CRC opened at $58.51 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.33 and a current ratio of 0.97. California Resources has a one year low of $43.09 and a one year high of $60.41. The company has a market cap of $3.97 billion, a P/E ratio of 9.33, a PEG ratio of 1.40 and a beta of 0.98. The business’s 50-day simple moving average is $52.17 and its 200-day simple moving average is $50.74.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 earnings per share.

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. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. California Resources’s dividend payout ratio (DPR) is currently 24.41%.

Insider Activity

In related news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. 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 is available through this link. In related news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. 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 is available at this link. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,270 shares of company stock valued at $1,387,778. Company insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRC. Vanguard Group Inc. grew its stake in shares of California Resources by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares during the period. Dimensional Fund Advisors LP boosted its holdings in California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after buying an additional 165,629 shares in the last quarter. American Century Companies Inc. grew its position in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after buying an additional 250,367 shares during the period. Victory Capital Management Inc. increased its holdings in California Resources by 10.7% in the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after buying an additional 104,504 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of California Resources by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after acquiring an additional 75,606 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

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.