8.12 +0.04 (0.50%)
After hours: 6:39PM EDT
|Bid||8.02 x 800|
|Ask||8.09 x 800|
|Day's Range||7.60 - 8.24|
|52 Week Range||7.40 - 35.20|
|Beta (3Y Monthly)||3.49|
|PE Ratio (TTM)||1.12|
|Earnings Date||Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||25.64|
California Resources Corporation will host its third quarter 2019 financial results conference call on Monday, November 4th at 5:00 p.m. EST . The Company’s earnings and guidance will be released following the market close on the same date.
Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Vancouver, British Columbia--(Newsfile Corp. - September 25, 2019) - Corsurex Resource Corp. (CSE: CRC) is one of the latest new listings on the Canadian Securities Exchange. The company, previously a subsidiary of NRG Metals, was spun out in January 2017.For more information, please view the InvestmentPitch Media "video" which provides additional information on the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Corsurex" in the search box. Cannot view this video? ...
This most-searched list is a feature included in Benzinga Pro's Newsfeed tool. It highlights stocks frequently searched by Benzinga Pro users on the platform. McDermott International (NYSE: MDR ) shares ...
(Bloomberg Opinion) -- There’s one energy market that won’t feast on renewed fear of conflict in the Middle East. The windfall accruing to oil producers after the weekend’s attacks in Saudi Arabia is a bad sign for U.S. natural gas.Far from scrambling for supplies, production of freedom molecules just hit a new record. Ordinarily, that would be cause for celebration. And it is for customers. Producers, meanwhile, are drowning in the stuff – or, rather, burning it off. Flaring of natural gas, when producers burn the excess that they can’t use or sell, is also hitting records. Preliminary data from Rystad Energy show producers in the Permian shale basin flared more than 800 million cubic feet per day in June. On a trailing 12-month basis, they burned off almost enough to supply the entirety of Texas residential gas demand.This is why even though the benchmark Nymex gas futures price has risen almost 30% over the past five weeks, it still trades below $2.70 per million BTU. Average swaps for 2020 are back merely to where they stood in mid-July.We’re dealing with a broken market here, and the re-emergence of oil’s geopolitical premium exacerbates that.This is because a significant portion of the growth in U.S. gas supply is effectively de-linked from the price. So much gas is being flared in the Permian basin because it’s a mere by-product of oil output. Associated gas comes out of the ground alongside oil. Producers care more about the latter, since it’s worth much more and easier to transport (oil can be trucked out if need be; not so with gas).That means gas prices can fall very low and still not persuade frackers to ease off. How low? Speaking at a forum organized last week by the Center for Strategic and International Studies, Rusty Braziel of RBN Energy estimated that if oil is trading at $55 a barrel, a typical Permian well could break even with gas priced as low as negative $4. That’s right, they could pay customers to take the gas and still do OK – which happened in West Texas already this year.As it is, after the Saudi attacks, West Texas Intermediate crude is trading back above $60. At $65, Braziel estimates the breakeven gas price would be negative $8.The renewed geopolitical premium in oil is like a windfall for U.S. frackers, adding dollars to the price they get and displacing competing supply from the market. It’s no accident that the strongest-performing E&P stocks on Monday morning are walking wounded such as Whiting Petroleum Corp. and California Resources Corp. Chesapeake Energy Corp., a company that exemplifies the shale-gas boom and bust, is up more than 10% as I write this.Besides adding to earnings, higher futures prices offer producers a chance to lock in revenue for next year via hedging. As of now, 2020 swaps are up by less than $3 a barrel, to just over $55, reflecting the concentration of fear in the near end of the curve. But if Saudi Arabia takes longer to fully restore output or, more ominously, we enter a cycle of retaliation and escalation, then that fear would spread further out. Anything that encourages more rather than less fracking adds to the glut weighing on gas prices.In theory, even if pricing isn’t affecting gas production, all that flaring should ultimately cause another mechanism to kick in and limit supply. Flaring requires waivers from the Railroad Commission of Texas, which regulates the state’s oil and gas industry. And the fact that a swathe of the state is now lit up like a Christmas tree most nights suggests some sort of limit ought to be near.Hopefully you’re sitting down when I tell you the Railroad Commission seems to be just fine with all that potentially salable fuel (and greenhouse gas) just being vented or burned off into the atmosphere. Remarkably, they ruled in a recent case in favor of a producer who wanted to flare gas even though its wells were connected to pipelines that could have taken it away. This was a function of cost, not physical necessity.Such actions could ultimately prove harmful to the industry, and not just in terms of provoking an environmental backlash. Gabriel Collins of Rice University’s Baker Institute points out that if pipeline operators must now contend with the possibility that producers can just flare even if pipelines are there, then those operators may demand more-stringent contract terms or just think twice about building new capacity at all. If we are entering a prolonged period of upheaval in the global oil market, however, then what is the likelihood regulators in a state exemplifying U.S. energy dominance will choose now to take a more restrictive approach? Yet, absent that, as Collins says, “ultimately, you’re putting all the optionality in the hands of the producers.” And those peculiarly Texan torches and that moribund gas market tell you exactly what producers like to do best.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Investors need to pay close attention to California Resources (CRC) stock based on the movements in the options market lately.
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
President and CEO of California Resources Corp (30-Year Financial, Insider Trades) Todd A. Stevens (insider trades) bought 5,000 shares of CRC on 08/08/2019 at an average price of $10.2 a share. Continue reading...
California Resources (CRC) delivered earnings and revenue surprises of -203.57% and -7.85%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
CNX Resources' (CNX) Q2 earnings are in line with the Zacks Consensus Estimate. The company continues to produce greater volumes from the Marcellus shale region.
California Resources (CRC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg Opinion) -- Saturday is shaping up to be national air-conditioner day. And while we ordinary humans love a “heat dome” about as much as a “polar vortex,” natural gas bulls should be all over that surge in electricity demand. But they’re nowhere to be seen.“Cooling-degree days” are a measure of how hot it is relative to normal. Since July 2011, when the data series begins on the Bloomberg Terminal, there have been 22 weeks where the forecast for cooling-degree days was 90 or more (translation: hot). This week, coming in at 93, is one of them. But with natural gas currently hovering at about $2.30 per million BTU, it also scores as the weakest week in terms of pricing.This summer of more heat than light is a microcosm of the broader problem facing the exploration and production business. And it’s a searing reminder of some salient points as quarterly earnings calls beckon.Natural gas prices have been moribund for a while. Having cracked the code on shale first, resurgent U.S. gas supply overwhelmed demand growth years ago. The migration of fracking to oil – which tends to bring a lot of associated gas with it – exacerbated this. At several points this year, gas has changed hands in west Texas at negative prices; in other words, producers have paid customers to take it off their hands.Price-insensitive gas production, as well as shale’s relatively short development schedule, is why even a heatwave does little for the market. Inventory may be running a bit below average for this time of year (although the gap has been shrinking since March). But why worry when there’s a seemingly endless supply of the stuff coming up in ever bigger quantities from fracked wells?Oil producers suffer similarly from too much of a good thing. U.S. crude oil output is forecast to surge this year – just as it did last year. And 2020 is shaping up for a big increase, too.This is why, just as the prospect of sweaty armpits does nothing to arouse passions in the gas market, oil prices are seemingly impervious to the usually trusty aphrodisiacs of OPEC cuts and threats of war (ominous economic data and trade conflicts haven’t helped either).The sheer indifference to oil and gas is evident not just in the energy sector’s miserable sub-5% weighting in the S&P 500 Index, but also the futures markets for the commodities themselves.Hedge funds’ net length in the three big crude oil contracts combined has dropped sharply since April, back toward the depths plumbed in January and February, when Brent was about $10 lower than today. More telling, perhaps, is the slump in open interest in general, with analysts at JBC Energy noting in a report this week that speculative positions in the Nymex West Texas Intermediate benchmark are at their lowest level since 2013. The picture looks a bit better when considering the big three together, but not much:The combination of shale, OPEC, Iranian saber-rattling, Trumpian tweeting, and trade tiffs has made betting on oil’s direction a hazardous and ultimately unpopular pursuit. As for speculative interest in natural gas, combined positions hit their lowest point in almost eight years in February, but have since expanded – all on the short side.Harsh as it may sound, the lesson oil and gas companies should draw from this is that no one cares about their oil and gas (not in the sense of investing, anyway). Which means one of the big reasons to own an E&P stock – a leveraged bet on oil and gas prices – is now a very small reason. Highly leveraged producers at the mercy of the oil and gas gods, such as Chesapeake Energy Corp. and California Resources Corp., may have offered a wild ride but not much else.So when producers lay out guidance for the second half of the year, investors will want to hear a message of restraint; taking it easy rather than ramping up production into a market that doesn’t need it. Giving free cash flow to investors, rather than free rein to frack crews, is the advisable option at this juncture. The industry largely took the opposite approach this time last year, taking a short, sharp rally in oil prices as a cue to bust through spending budgets. Investors responded with a year-end sell-off.The best way for E&P executives to spend this summer: play it cool.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Does the July share price for California Resources Corporation (NYSE:CRC) reflect what it's really worth? Today, we...