Capital One Financial Forecasts CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Investment analysts at Capital One Financial issued their FY2024 earnings per share estimates for shares of California Resources in a research report issued on Monday, December 9th. Capital One Financial analyst P. Johnston forecasts that the oil and gas producer will post earnings per share of $3.61 for the year. Capital One Financial currently has a “Strong-Buy” rating on the stock. The consensus estimate for California Resources’ current full-year earnings is $3.42 per share. Capital One Financial also issued estimates for California Resources’ Q4 2024 earnings at $0.76 EPS, FY2025 earnings at $2.78 EPS, FY2026 earnings at $3.49 EPS, FY2027 earnings at $3.84 EPS and FY2028 earnings at $4.07 EPS.

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

Several other research firms also recently commented on CRC. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays upped their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. TD Cowen boosted their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Stephens assumed coverage on California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.40.

California Resources Price Performance

Shares of NYSE:CRC opened at $55.20 on Thursday. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The company’s 50-day moving average is $55.09 and its 200 day moving average is $51.87. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The company has a market capitalization of $3.75 billion, a P/E ratio of 8.69, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s payout ratio is currently 24.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

A number of large investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new stake in California Resources during the 3rd quarter worth about $682,000. Natixis Advisors LLC acquired a new stake in shares of California Resources in the third quarter worth approximately $579,000. Swiss National Bank raised its stake in California Resources by 12.7% in the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after purchasing an additional 13,700 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of California Resources by 8.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after buying an additional 75,606 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in California Resources during the 3rd quarter valued at about $499,000. 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.