California Resources (NYSE:CRC) Releases Earnings Results, Beats Expectations By $0.17 EPS

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

California Resources Stock Up 0.2 %

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

California Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.