California Resources (NYSE:CRC) Issues Quarterly Earnings Results

California Resources (NYSE:CRC) posted 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 company had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. California Resources’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS.

California Resources Stock Performance

Shares of NYSE:CRC opened at $61.85 on Monday. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of 14.38 and a beta of 1.15. California Resources has a 52 week low of $30.97 and a 52 week high of $60.03. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $50.85 and a 200 day moving average of $49.86.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRC shares. Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Mizuho boosted their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a report on Tuesday, December 9th. TD Cowen raised California Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, UBS Group set a $63.00 price target on California Resources and gave the stock a “buy” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in California Resources by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after acquiring an additional 632,170 shares in the last quarter. State Street Corp grew its holdings in California Resources by 14.7% during the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock valued at $171,786,000 after purchasing an additional 491,751 shares in the last quarter. Victory Capital Management Inc. increased its stake in California Resources by 200.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after buying an additional 1,564,866 shares during the period. Sourcerock Group LLC lifted its holdings in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after buying an additional 779,280 shares in the last quarter. Finally, Orbis Allan Gray Ltd boosted its position in California Resources by 38.6% in the 4th quarter. Orbis Allan Gray Ltd now owns 1,926,769 shares of the oil and gas producer’s stock valued at $86,146,000 after buying an additional 536,190 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

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.