California Resources Corporation (CRC) Announces Earnings Results
California Resources Corporation (NYSE:CRC) issued its earnings results on Monday. The oil and gas producer reported ($1.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39, Bloomberg Earnings reports. The firm had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.75) earnings per share.
Shares of California Resources Corporation (CRC) opened at $14.13 on Tuesday. The company has a debt-to-equity ratio of -10.32, a current ratio of 0.64 and a quick ratio of 0.54. California Resources Corporation has a one year low of $6.47 and a one year high of $23.42.
Several equities analysts recently weighed in on the stock. Morgan Stanley raised shares of California Resources Corporation from an “equal weight” rating to an “overweight” rating in a research report on Tuesday. Zacks Investment Research raised shares of California Resources Corporation from a “hold” rating to a “strong-buy” rating and set a $12.00 target price on the stock in a research report on Wednesday, October 18th. ValuEngine cut shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, October 6th. Finally, Imperial Capital assumed coverage on shares of California Resources Corporation in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 price target for the company. Three analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.50.
California Resources Corporation 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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