Zacks: Brokerages Anticipate California Resources Corp (CRC) Will Post Quarterly Sales of $525.40 Million

Equities research analysts predict that California Resources Corp (NYSE:CRC) will announce sales of $525.40 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for California Resources’ earnings. The lowest sales estimate is $507.80 million and the highest is $543.00 million. California Resources reported sales of $452.00 million in the same quarter last year, which would suggest a positive year over year growth rate of 16.2%. The firm is expected to report its next earnings results after the market closes on Monday, February 26th.

On average, analysts expect that California Resources will report full year sales of $525.40 million for the current fiscal year. For the next year, analysts anticipate that the company will report sales of $2.27 billion per share, with estimates ranging from $2.24 billion to $2.31 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for California Resources.

Several research analysts have weighed in on the company. Morgan Stanley upped their price target on California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Zacks Investment Research raised California Resources from a “sell” rating to a “hold” rating and set a $26.00 price objective for the company in a research report on Thursday, January 18th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, Goldman Sachs Group raised California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective for the company in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. California Resources has an average rating of “Hold” and a consensus target price of $21.50.

California Resources (NYSE CRC) traded down $0.65 during trading on Monday, reaching $18.59. 1,023,389 shares of the company traded hands, compared to its average volume of 1,557,590. California Resources has a one year low of $6.47 and a one year high of $25.06. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78. The stock has a market cap of $805.06, a price-to-earnings ratio of -3.72 and a beta of 6.26.

Institutional investors have recently bought and sold shares of the business. Barnett & Company Inc. lifted its position in California Resources by 306.9% during the 4th quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock worth $111,000 after acquiring an additional 4,300 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of California Resources in the 3rd quarter valued at approximately $117,000. Teacher Retirement System of Texas acquired a new stake in shares of California Resources in the 4th quarter valued at approximately $244,000. Alps Advisors Inc. acquired a new stake in shares of California Resources in the 4th quarter valued at approximately $248,000. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in shares of California Resources by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 743 shares during the period. 74.41% of the stock is owned by institutional investors.

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California Resources 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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