Imperial Capital Weighs in on California Resources Corporation’s FY2017 Earnings (CRC)
California Resources Corporation (NYSE:CRC) – Analysts at Imperial Capital increased their FY2017 earnings estimates for California Resources Corporation in a research note issued on Wednesday. Imperial Capital analyst J. Wangler now anticipates that the oil and gas producer will post earnings per share of ($4.79) for the year, up from their prior forecast of ($6.26). Imperial Capital has a “In-Line” rating and a $18.00 price objective on the stock. Imperial Capital also issued estimates for California Resources Corporation’s Q4 2017 earnings at ($0.72) EPS, Q1 2018 earnings at ($0.77) EPS, Q2 2018 earnings at ($0.70) EPS, Q3 2018 earnings at ($0.74) EPS, Q4 2018 earnings at ($0.48) EPS and FY2018 earnings at ($2.69) EPS.
A number of other equities research analysts have also weighed in on the stock. Zacks Investment Research raised shares of California Resources Corporation from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Thursday. Societe Generale raised shares of California Resources Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Morgan Stanley raised shares of California Resources Corporation from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a report on Tuesday. Finally, ValuEngine lowered shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, October 6th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.25.
Shares of California Resources Corporation (CRC) opened at $16.39 on Friday. California Resources Corporation has a 1-year low of $6.47 and a 1-year high of $23.42. 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 (NYSE:CRC) last announced its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.61) by $0.39. The company had revenue of $455.00 million for the quarter, compared to the consensus estimate of $476.87 million. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm posted ($1.75) earnings per share.
Institutional investors and hedge funds have recently bought and sold shares of the business. Adams Asset Advisors LLC bought a new stake in California Resources Corporation during the 3rd quarter worth approximately $2,060,000. Commerzbank Aktiengesellschaft FI grew its holdings in California Resources Corporation by 8.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock worth $1,845,000 after acquiring an additional 17,333 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of California Resources Corporation by 7.6% in the 2nd quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock worth $6,421,000 after purchasing an additional 52,748 shares during the period. State Street Corp lifted its position in shares of California Resources Corporation by 5.7% in the 1st quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock worth $43,849,000 after purchasing an additional 156,817 shares during the period. Finally, GRT Capital Partners L.L.C. lifted its position in shares of California Resources Corporation by 9.0% in the 2nd quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock worth $5,019,000 after purchasing an additional 48,541 shares during the period. 74.15% of the stock is currently owned by hedge funds and other institutional investors.
About California Resources Corporation
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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