California Resources (NYSE:CRC) Announces Earnings Results, Beats Expectations By $0.17 EPS

California Resources (NYSE:CRC) announced its earnings results on Monday. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.17, FiscalAI reports. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $967.71 million. California Resources had a negative net margin of 18.11% and a positive return on equity of 9.34%. California Resources’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share.

California Resources Trading Down 6.2%

Shares of NYSE CRC traded down $3.17 during trading on Wednesday, hitting $48.21. 487,098 shares of the company traded hands, compared to its average volume of 883,580. The firm has a market capitalization of $4.28 billion, a P/E ratio of -8.50 and a beta of 0.98. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $53.59 and a 200-day moving average price of $56.96. California Resources has a 1 year low of $43.24 and a 1 year high of $71.98.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.68 annualized dividend and a dividend yield of 3.5%. This is a boost from California Resources’s previous quarterly dividend of $0.4050. California Resources’s dividend payout ratio is presently -119.12%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRC. Barclays set a $74.00 price target on California Resources and gave the company an “overweight” rating in a report on Monday, August 17th. Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Weiss Ratings raised California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Stifel Nicolaus initiated coverage on California Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Roth Capital reiterated a “buy” rating and issued a $59.00 target price (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.44.

Insider Buying and Selling at California Resources

In related news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 123,703 shares in the company, valued at approximately $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company’s stock.

More California Resources News

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: CRC raised its quarterly dividend by about 4% to $0.42 per share and reported 2% quarter-over-quarter net production growth. It also outlined a 2027 California plan with six rigs and a targeted San Pablo Bay restart in the first quarter. California Resources Q3 results and operating plan
• Neutral Sentiment: CRC and its Carbon TerraVault business signed a nonbinding MOU with Bloom Energy to evaluate at least 1 GW of fuel-cell power paired with carbon capture in California. The opportunity could support future growth, but it is not yet a firm contract. CRC and Bloom Energy collaboration
• Negative Sentiment: Despite adjusted Q3 EPS of $1.17 beating analyst expectations, earnings were below the year-ago quarter, and reports pointed to hedging losses. Cost inflation and infrastructure constraints also offset production growth, tempering the headline beat. CRC stock and Q3 results Q3 cost and infrastructure analysis
• Negative Sentiment: California’s reversal of approval for an operational carbon-capture project adds regulatory uncertainty for the state’s CCS sector, a potential concern for CRC’s carbon-management ambitions. California overturns CCS project approval

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.