Wall Street analysts expect California Resources Corp (NYSE:CRC) to announce sales of $724.15 million for the current quarter, Zacks reports. Two analysts have issued estimates for California Resources’ earnings, with the highest sales estimate coming in at $794.00 million and the lowest estimate coming in at $654.30 million. California Resources reported sales of $549.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 31.9%. The company is expected to announce its next earnings results on Thursday, August 1st.

According to Zacks, analysts expect that California Resources will report full-year sales of $2.98 billion for the current financial year, with estimates ranging from $2.77 billion to $3.20 billion. For the next financial year, analysts expect that the business will report sales of $3.32 billion, with estimates ranging from $3.28 billion to $3.36 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover California Resources.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.94. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. The company had revenue of $690.00 million for the quarter, compared to analysts’ expectations of $635.00 million. During the same period in the previous year, the firm posted $0.18 EPS. California Resources’s revenue was up 13.3% compared to the same quarter last year.

Several equities research analysts recently issued reports on CRC shares. ValuEngine cut California Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Goldman Sachs Group cut California Resources from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $19.00 to $20.00 in a report on Friday, April 12th. Mizuho started coverage on California Resources in a report on Thursday, March 28th. They issued a “buy” rating and a $35.00 price objective on the stock. Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Monday, May 13th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut California Resources from a “hold” rating to a “strong sell” rating in a report on Monday, January 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. California Resources presently has an average rating of “Hold” and an average target price of $33.33.

CRC stock remained flat at $$16.83 during trading on Friday. The company had a trading volume of 2,606,907 shares, compared to its average volume of 2,261,075. California Resources has a 12 month low of $13.48 and a 12 month high of $50.34. The firm has a market cap of $821.30 million, a PE ratio of 13.25 and a beta of 4.56.

In other California Resources news, Director William E. Albrecht sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 110,788 shares of the company’s stock, valued at approximately $2,215,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lombard Odier Asset Management USA Corp purchased a new position in California Resources in the 1st quarter worth approximately $1,286,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in California Resources by 1,012.4% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 31,560 shares of the oil and gas producer’s stock worth $811,000 after purchasing an additional 28,723 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in California Resources by 8.1% in the 1st quarter. ArrowMark Colorado Holdings LLC now owns 259,333 shares of the oil and gas producer’s stock worth $6,667,000 after purchasing an additional 19,500 shares in the last quarter. Geode Capital Management LLC lifted its stake in California Resources by 11.1% in the 1st quarter. Geode Capital Management LLC now owns 542,028 shares of the oil and gas producer’s stock worth $13,934,000 after purchasing an additional 53,975 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in California Resources by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 40,839 shares of the oil and gas producer’s stock worth $1,050,000 after purchasing an additional 611 shares in the last quarter. 71.94% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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