Brokers Offer Predictions for California Resources Corp’s Q2 2019 Earnings (NYSE:CRC)

California Resources Corp (NYSE:CRC) – Equities researchers at Imperial Capital issued their Q2 2019 earnings estimates for California Resources in a report issued on Monday, April 29th, according to Zacks Investment Research. Imperial Capital analyst J. Wangler forecasts that the oil and gas producer will earn $0.33 per share for the quarter. Imperial Capital also issued estimates for California Resources’ Q3 2019 earnings at $0.51 EPS and Q4 2019 earnings at $0.82 EPS.

California Resources (NYSE:CRC) last released its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.94. The business had revenue of $690.00 million for the quarter, compared to the consensus estimate of $635.00 million. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. California Resources’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 earnings per share.

CRC has been the topic of a number of other research reports. ValuEngine downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Zacks Investment Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, January 28th. 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. They noted that the move was a valuation call. Mizuho initiated coverage on California Resources in a research report on Thursday, March 28th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Goldman Sachs Group downgraded California Resources from a “neutral” rating to a “sell” rating and boosted their price target for the stock from $19.00 to $20.00 in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $34.43.

Shares of NYSE:CRC traded down $0.87 during midday trading on Thursday, reaching $21.26. The company had a trading volume of 2,209,300 shares, compared to its average volume of 2,261,616. The company has a market cap of $983.32 million, a P/E ratio of 16.74 and a beta of 4.56. California Resources has a 1-year low of $13.48 and a 1-year high of $50.34.

In other California Resources news, Director William E. Albrecht sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the director now owns 110,788 shares of the company’s stock, valued at $2,215,760. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.50% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. NumerixS Investment Technologies Inc bought a new stake in shares of California Resources during the first quarter worth approximately $26,000. Truvestments Capital LLC bought a new stake in shares of California Resources during the first quarter worth approximately $27,000. State of Alaska Department of Revenue bought a new stake in shares of California Resources during the first quarter worth approximately $39,000. Advisor Group Inc. boosted its holdings in shares of California Resources by 69.7% during the first quarter. Advisor Group Inc. now owns 2,474 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,016 shares during the period. Finally, Quantamental Technologies LLC bought a new stake in shares of California Resources during the fourth quarter worth approximately $48,000. Institutional investors own 75.21% of the company’s stock.

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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