Capital One Financial Comments on CRC FY2024 Earnings

California Resources Co. (NYSE:CRC) – Analysts at Capital One Financial lowered their FY2024 earnings estimates for California Resources in a research note issued on Tuesday, January 14th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will post earnings of $3.59 per share for the year, down from their previous forecast of $3.61. Capital One Financial 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 $0.74 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 announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period in the previous year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was up 194.1% compared to the same quarter last year.

Several other analysts have also issued reports on the company. Truist Financial began coverage on California Resources in a research note on Monday. They issued a “buy” rating and a $75.00 target price for the company. Stephens began coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. TD Cowen lifted their target price on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Barclays boosted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research note on Tuesday. Three 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.com, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Price Performance

CRC opened at $54.11 on Thursday. The stock has a market capitalization of $4.94 billion, a P/E ratio of 8.52, a PEG ratio of 1.31 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 has a 12-month low of $43.09 and a 12-month high of $60.41. The stock has a 50-day moving average price of $54.92 and a 200-day moving average price of $52.49.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. GAMMA Investing LLC lifted its position in California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after acquiring an additional 222 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of California Resources by 9.4% during the third 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. KBC Group NV boosted 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 worth $100,000 after purchasing an additional 431 shares in the last quarter. Amalgamated Bank grew its stake in shares of California Resources by 3.1% in the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after buying an additional 605 shares during the last quarter. Finally, AlphaMark Advisors LLC increased its position in California Resources by 10.9% during the 3rd quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock valued at $349,000 after buying an additional 652 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, 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 disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s payout ratio is 24.41%.

About California Resources

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.