California Resources (NYSE:CRC) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

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

California Resources Trading Down 1.5 %

NYSE CRC opened at $39.15 on Wednesday. California Resources has a 12 month low of $38.02 and a 12 month high of $60.41. The company’s 50-day moving average price is $49.77 and its 200-day moving average price is $52.12. The stock has a market cap of $3.58 billion, a PE ratio of 6.16, a PEG ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.96%. California Resources’s dividend payout ratio (DPR) is 24.41%.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction 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 sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. The trade was a 34.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRC. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. TD Cowen raised their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. 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. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Three 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $67.25.

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.