15.00 +3.18 (26.90%)
Pre-Market: 6:05AM EDT
|Bid||14.41 x 800|
|Ask||14.50 x 800|
|Day's Range||11.49 - 12.45|
|52 Week Range||8.28 - 50.34|
|Beta (3Y Monthly)||3.43|
|PE Ratio (TTM)||1.65|
|Earnings Date||Oct 30, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||25.75|
Sam Zell invested in Colony Capital's energy arm, turning it into a joint venture focused on the upstream oil and gas business.
Investors need to pay close attention to California Resources (CRC) stock based on the movements in the options market lately.
California Resources Corporation , an independent California-based oil and gas exploration and production company, announced that Todd Stevens, CRC’s President and Chief Executive Officer, will be presenting at the 2019 Barclays CEO Energy-Power Conference at 11:45 am EDT on September 4th, 2019 in New York, New York.
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?
California Resources Corporation , an independent California-based oil and gas exploration and production company, today reported net income attributable to common stock of $12 million, or $0.24 per diluted share, for the second quarter of 2019.
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...
Whiting Petroleum might report positive earnings this quarter compared to an adjusted net loss of $0.16 per share last quarter. On June 24, Suntrust Robinson reduced its target price on Whiting Petroleum by $5 to $35.
(Bloomberg Opinion) -- The quarterly energy survey by the Federal Reserve Bank of Dallas is required reading in oil and gas circles, not least because of the anonymous quotations from participants:We see oversupply, oversupply and oversupply of both oil and gas ...That particular respondent from the oilfield services sector, featured in Wednesday’s release, sure seems concerned about something. As well they might. Oilfield services stocks are even less popular than those pariahs known as exploration and production stocks. The reason, as I laid out here, is that the route back to redemption for E&P companies involves diverting more cash flow toward shareholders and less toward the sort of spending that boosts the top line for oilfield services contractors.The sector’s problems can be summed up in this chart. It shows index readings for business activity among E&P and services firms, as collated by the Dallas Fed. It also shows readings for the change in oil and gas production. These numbers are derived by subtracting the percentage of companies reporting a decrease in output from the percentage reporting an increase (I ignore the proportion reporting no change).Back in early 2016, everyone knew where they stood: in a hole, with oil having just dipped below $30 a barrel. But activity and production bounced back relatively quickly. Most pertinent to the current situation is that uptick in activity and the prevalence of production growth, especially for oil, last summer. That was when expectations of imminent Iranian sanctions from Washington sparked a big rally in oil prices – and led E&P companies to quickly abandon the spending discipline they had touted in early 2018. The subsequent head-fake on Iran in the fall, combined with surging U.S. oil supply running into an unusually weak fourth quarter for demand, trashed prices, stocks – and the last sliver of credibility the sector had with investors.As concerns about oil demand have blunted the impact of this year’s escalation in U.S.-Iranian tensions, so E&P firms have recommitted to discipline. That looks real enough, judging by the index readings on activity. Some respondents also mentioned the impact of disinterested investors and distrusting lenders in curbing drilling.But juggernauts this big don’t brake on a dime. While the proportion of E&P firms telling the Dallas Fed that output fell has risen from about 18% in the fourth quarter of 2018 to about 26% in the current quarter, more than 70% report flat or increasing production, and weighted toward the latter. Even in natural gas, a market so awash that prices in West Texas have turned negative on some days this year, almost 40% of respondents reported an increase in production.The cure for low prices is usually low prices, but the productivity gains of recent years in shalelandia – funded in part by contractors’ pain and investors’ prior indulgence – have kept moving that bar lower. The latest washout in stock valuations may provide the impetus needed for discipline to take hold, which could tempt investors back to the E&P sector (services, not so much).The test for that may already be upon us. At the moment the dour Dallas Fed survey results went up Wednesday morning, the Energy Information Administration was reporting a big drop in oil inventories last week, pushing up prices. Naturally, the most highly levered, volatile stocks such as California Resources Corp. and Denbury Resources Inc. leaped.A combination of a trade truce between the U.S. and China at this weekend’s G-20 festivities and more flare-ups in the Persian Gulf could provide a further tailwind for prices heading into the traditionally strong summer season for oil demand. Respondents’ comments suggest little faith in peace breaking out on trade; and one rather delicately indicated a different kind of war might be more relevant:A reversal in the current supply/demand relationship will likely depend on the occurrence of an event or events that are less than desirable.For investors, though, it’s less about what oil prices do and more about what E&P management teams do with them. If a summer spike reawakens the impulse to drill, we’ll get cheerier Dallas Fed readings at odds with listless stocks.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.
California Resources Corporation will host its second quarter 2019 financial results conference call on Thursday, August 1st at 5:00 p.m. EDT . The Company’s earnings and guidance will be released following the market close on the same date.
Hedge funds are not perfect. They have their bad picks just like everyone else. Facebook, a stock hedge funds have loved dearly, lost nearly 40% of its value at one point in 2018. Although hedge funds are not perfect, their consensus picks do deliver solid returns, however. Our data show the top 20 S&P 500 […]