California Resources (NYSE:CRC) Releases Earnings Results, Misses Expectations By $0.05 EPS

California Resources (NYSE:CRC) released its quarterly earnings data on Monday. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05), Zacks reports. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $901.36 million.

California Resources Stock Down 10.7 %

California Resources stock opened at $39.86 on Tuesday. The business has a 50 day simple moving average of $50.02 and a 200-day simple moving average of $52.20. California Resources has a 12 month low of $39.17 and a 12 month high of $60.41. The stock has a market capitalization of $3.64 billion, a PE ratio of 6.28, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price target on shares of California Resources in a research report on Tuesday, January 14th. Truist Financial started coverage on shares of California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 target price for the company. Finally, TD Cowen increased their price objective on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.25.

Insider Buying and Selling

In other California Resources news, 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 transaction of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.03% of the stock is owned by insiders.

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.