Capital One Financial Predicts CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Research analysts at Capital One Financial issued their FY2024 earnings per share (EPS) 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 of $3.61 per share 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 $3.58 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.

Several other research analysts have also recently weighed in on the company. UBS Group started coverage on California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target for the company. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Barclays increased their target price on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Price Performance

Shares of NYSE CRC opened at $54.93 on Thursday. The company has a fifty day moving average price of $55.10 and a 200 day moving average price of $51.92. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41. The firm has a market cap of $3.73 billion, a PE ratio of 8.65, a PEG ratio of 1.35 and a beta of 1.01. 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 (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s revenue was up 194.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 earnings per share.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the period. Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter valued at about $70,000. KBC Group NV raised its position in shares of 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 valued at $100,000 after buying an additional 431 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings 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 worth $169,000 after acquiring an additional 276 shares during the period. Finally, Atria Investments Inc bought a new stake in shares of California Resources during the 3rd quarter worth approximately $209,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 36.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,786 shares of company stock worth $1,902,690. Insiders own 0.03% of the company’s stock.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.82%. California Resources’s payout ratio is 24.41%.

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.