Brokerages expect that California Resources Corp (NYSE:CRC) will announce sales of $647.70 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for California Resources’ earnings. The lowest sales estimate is $643.40 million and the highest is $652.00 million. California Resources posted sales of $828.00 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 21.8%. The company is expected to announce its next quarterly earnings report on Thursday, November 7th.

According to Zacks, analysts expect that California Resources will report full-year sales of $2.71 billion for the current financial year, with estimates ranging from $2.66 billion to $2.76 billion. For the next year, analysts expect that the firm will report sales of $3.03 billion, with estimates ranging from $2.72 billion to $3.35 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for California Resources.

California Resources (NYSE:CRC) last released its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.57). The company had revenue of $653.00 million for the quarter, compared to the consensus estimate of $674.43 million. California Resources had a net margin of 10.99% and a negative return on equity of 23.66%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.29) EPS.

Several equities analysts have recently weighed in on CRC shares. Raymond James raised California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Monday, May 13th. They noted that the move was a valuation call. Zacks Investment Research raised California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 31st. ValuEngine downgraded California Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Imperial Capital cut their target price on California Resources from $28.00 to $20.00 and set a “positive” rating on the stock in a research report on Monday, August 5th. Finally, Bank of America boosted their target price on California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.57.

In other California Resources news, Director William E. Albrecht sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 102,883 shares in the company, valued at approximately $2,057,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd A. Stevens bought 5,000 shares of the stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $10.20 per share, with a total value of $51,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 21,980 shares of company stock valued at $237,895. 3.50% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Legal & General Group Plc increased its position in shares of California Resources by 4.5% during the fourth quarter. Legal & General Group Plc now owns 18,247 shares of the oil and gas producer’s stock valued at $310,000 after buying an additional 778 shares during the period. Mraz Amerine & Associates Inc. raised its position in shares of California Resources by 1.2% in the first quarter. Mraz Amerine & Associates Inc. now owns 91,042 shares of the oil and gas producer’s stock valued at $2,341,000 after purchasing an additional 1,075 shares during the period. State of Alaska Department of Revenue bought a new position in shares of California Resources in the first quarter valued at about $39,000. Hanson McClain Inc. increased its position in California Resources by 60.2% during the second quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after acquiring an additional 1,708 shares during the period. Finally, Swiss National Bank increased its position in California Resources by 2.3% during the second quarter. Swiss National Bank now owns 85,989 shares of the oil and gas producer’s stock worth $1,692,000 after acquiring an additional 1,900 shares during the period. Institutional investors and hedge funds own 57.73% of the company’s stock.

Shares of NYSE CRC traded down $0.38 during trading hours on Friday, hitting $9.72. 1,808,696 shares of the company traded hands, compared to its average volume of 2,247,025. The stock has a market capitalization of $494.90 million, a price-to-earnings ratio of 7.65 and a beta of 4.38. The company’s 50 day moving average price is $14.17 and its 200 day moving average price is $19.79. California Resources has a 12 month low of $8.90 and a 12 month high of $50.34.

About California Resources

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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