Research Analysts Offer Predictions for CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Analysts at Capital One Financial issued their FY2024 earnings estimates for shares of California Resources in a research report issued on Monday, December 9th. Capital One Financial analyst P. Johnston expects that the oil and gas producer will post earnings of $3.61 per share for the year. Capital One Financial has a “Strong-Buy” rating on the stock. The consensus estimate for California Resources’ current full-year earnings is $3.58 per share. Capital One Financial also issued estimates for California Resources’ Q4 2024 earnings at $0.76 EPS, FY2025 earnings at $2.78 EPS, FY2026 earnings at $3.49 EPS, FY2027 earnings at $3.84 EPS and FY2028 earnings at $4.07 EPS.

A number of other analysts also recently weighed in on the stock. Barclays increased their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. UBS Group started coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Citigroup upped their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Price Performance

Shares of CRC opened at $54.93 on Thursday. The business has a 50-day moving average of $55.10 and a 200-day moving average of $51.92. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 8.65, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41.

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

Hedge Funds Weigh In On California Resources

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in shares of California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter valued at $70,000. KBC Group NV grew its stake in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 431 shares during the period. Farther Finance Advisors LLC increased its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new stake in shares of California Resources during the 3rd quarter worth $209,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated 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 transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,786 shares of company stock worth $1,902,690. 0.03% of the stock is owned by corporate insiders.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is currently 24.41%.

California Resources Company Profile

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.