Capital One Financial Weighs in on CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Stock analysts at Capital One Financial reduced their FY2024 earnings estimates for California Resources in a research note issued on Tuesday, January 14th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will post earnings per share of $3.59 for the year, down from their previous estimate of $3.61. Capital One Financial currently has a “Strong-Buy” rating on the stock. The consensus estimate for California Resources’ current full-year earnings is $3.66 per share. Capital One Financial also issued estimates for California Resources’ Q4 2024 earnings at $0.74 EPS, Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $0.64 EPS, Q3 2025 earnings at $1.07 EPS and Q4 2025 earnings at $0.93 EPS.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share.

Several other research firms have also recently weighed in on CRC. Jefferies Financial Group initiated coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target on the stock. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. Barclays boosted their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. began coverage on shares of California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Finally, TD Cowen boosted their target price on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $67.25.

California Resources Stock Performance

NYSE:CRC opened at $53.99 on Thursday. The stock has a market cap of $4.93 billion, a P/E ratio of 8.50, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. The firm’s fifty day simple moving average is $54.86 and its 200 day simple moving average is $52.51. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Insider Transactions at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is owned by insiders.

Hedge Funds Weigh In On California Resources

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its position in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new position in California Resources in the 3rd quarter worth about $70,000. KBC Group NV raised its position in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in shares of California Resources during the 3rd quarter valued at about $209,000. Hedge funds and other 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.