California Resources Corp (CRC) Expected to Announce Quarterly Sales of $544.20 Million

Wall Street analysts expect California Resources Corp (NYSE:CRC) to report $544.20 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for California Resources’ earnings, with the lowest sales estimate coming in at $543.00 million and the highest estimate coming in at $545.40 million. California Resources reported sales of $452.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 20.4%. The company is expected to announce its next quarterly earnings report after the market closes on Monday, February 26th.

According to Zacks, analysts expect that California Resources will report full-year sales of $544.20 million for the current year, with estimates ranging from $2.04 billion to $2.10 billion. For the next fiscal year, analysts expect that the company will post sales of $2.22 billion per share, with estimates ranging from $2.15 billion to $2.28 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover California Resources.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, topping the consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $476.87 million. California Resources’s revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.75) earnings per share.

Several equities analysts have recently weighed in on CRC shares. Morgan Stanley raised shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Tuesday, November 7th. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 target price for the company in a research note on Wednesday, October 18th. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Imperial Capital began coverage on shares of California Resources in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 target price for the company. Finally, ValuEngine cut shares of California Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, October 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $17.75.

Large investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. grew its stake in shares of California Resources by 5.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 743 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of California Resources in the third quarter valued at $117,000. Koch Industries Inc. boosted its position in California Resources by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock worth $133,000 after purchasing an additional 134,927 shares during the period. Bayesian Capital Management LP bought a new position in California Resources during the second quarter worth $141,000. Finally, BlueCrest Capital Management Ltd boosted its position in California Resources by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after purchasing an additional 2,509 shares during the period. 75.22% of the stock is owned by institutional investors and hedge funds.

Shares of California Resources (NYSE:CRC) traded down $0.51 on Friday, hitting $22.51. 1,153,081 shares of the stock traded hands, compared to its average volume of 1,570,000. The company has a market cap of $964.96, a PE ratio of -4.50 and a beta of 6.63. California Resources has a one year low of $6.47 and a one year high of $23.92. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78.

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California Resources Company Profile

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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