Analysts Anticipate California Resources Corp (NYSE:CRC) Will Announce Quarterly Sales of $505.75 Million

Equities research analysts expect California Resources Corp (NYSE:CRC) to report sales of $505.75 million for the current quarter, Zacks reports. Two analysts have made estimates for California Resources’ earnings, with estimates ranging from $477.00 million to $534.50 million. California Resources reported sales of $690.00 million during the same quarter last year, which would suggest a negative year over year growth rate of 26.7%. The firm is scheduled to report its next quarterly earnings report on Thursday, May 28th.

On average, analysts expect that California Resources will report full year sales of $1.68 billion for the current fiscal year, with estimates ranging from $1.66 billion to $1.71 billion. For the next financial year, analysts expect that the business will report sales of $1.49 billion, with estimates ranging from $1.47 billion to $1.51 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow California Resources.

California Resources (NYSE:CRC) last released its quarterly earnings results on Wednesday, February 26th. The oil and gas producer reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.36. California Resources had a negative net margin of 1.06% and a negative return on equity of 26.12%. The business had revenue of $610.00 million for the quarter, compared to analysts’ expectations of $676.15 million.

A number of research firms have issued reports on CRC. Raymond James downgraded shares of California Resources from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 17th. Bank of America cut shares of California Resources from a “neutral” rating to an “underperform” rating in a research note on Monday, March 9th. Zacks Investment Research cut shares of California Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, May 12th. Finally, ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. California Resources has an average rating of “Hold” and an average price target of $15.00.

A number of hedge funds have recently made changes to their positions in CRC. Nuveen Asset Management LLC lifted its holdings in California Resources by 23.9% during the fourth quarter. Nuveen Asset Management LLC now owns 353,648 shares of the oil and gas producer’s stock worth $3,194,000 after acquiring an additional 68,232 shares in the last quarter. Alpine Global Management LLC bought a new position in shares of California Resources during the 4th quarter valued at about $300,000. ArrowMark Colorado Holdings LLC grew its position in shares of California Resources by 77.2% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 362,571 shares of the oil and gas producer’s stock valued at $3,274,000 after purchasing an additional 158,000 shares during the period. Marshall Wace LLP bought a new stake in California Resources during the 4th quarter worth approximately $176,000. Finally, First Republic Investment Management Inc. acquired a new stake in California Resources during the 4th quarter worth approximately $97,000. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

CRC traded down $0.13 during mid-day trading on Monday, reaching $1.44. The stock had a trading volume of 2,687,774 shares, compared to its average volume of 3,204,830. The firm’s fifty day simple moving average is $1.82 and its two-hundred day simple moving average is $5.76. The stock has a market capitalization of $77.49 million, a P/E ratio of 1.11 and a beta of 6.00. California Resources has a 52 week low of $0.85 and a 52 week high of $20.78.

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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