Roth Capital Comments on California Resources Co.’s Q2 2024 Earnings (NYSE:CRC)

California Resources Co. (NYSE:CRC) – Roth Capital boosted their Q2 2024 EPS estimates for California Resources in a report released on Tuesday, May 7th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $1.23 for the quarter, up from their prior forecast of $0.72. The consensus estimate for California Resources’ current full-year earnings is $4.64 per share. Roth Capital also issued estimates for California Resources’ Q3 2024 earnings at $1.89 EPS, Q4 2024 earnings at $1.22 EPS, FY2024 earnings at $5.04 EPS, Q1 2025 earnings at $0.97 EPS and Q2 2025 earnings at $1.09 EPS.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.17. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same quarter in the prior year, the business posted $2.63 EPS. The firm’s quarterly revenue was down 55.7% on a year-over-year basis.

A number of other analysts have also recently commented on the company. Stifel Nicolaus upped their price target on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Barclays started coverage on shares of California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target for the company. Finally, Mizuho reduced their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.57.

California Resources Trading Up 0.2 %

NYSE:CRC opened at $50.19 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. California Resources has a 1-year low of $37.21 and a 1-year high of $58.44. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 6.50 and a beta of 1.03. The business’s 50-day moving average price is $53.79 and its two-hundred day moving average price is $52.56.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Friday, May 31st. California Resources’s payout ratio is 16.06%.

Institutional Trading of California Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. DAVENPORT & Co LLC increased its position in shares of California Resources by 179.8% during the 4th quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after purchasing an additional 270,508 shares during the last quarter. Cambria Investment Management L.P. grew its position in shares of California Resources by 8.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock valued at $9,402,000 after acquiring an additional 13,104 shares during the period. Wellington Management Group LLP acquired a new position in shares of California Resources during the 3rd quarter worth about $1,824,000. Lazard Asset Management LLC raised its holdings in shares of California Resources by 38.1% in the 3rd quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock valued at $594,000 after purchasing an additional 2,931 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in California Resources by 229.6% in the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock valued at $48,441,000 after purchasing an additional 617,084 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

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.