Looks like Fitbit (NYSE:FIT) and Nutrisystem (NASDAQ:NTRI) aren’t the only companies experiencing a plunge in their stock price after posting disappointing quarterly reports and full-year forecasts. The latest to join the fitness tracker company and weight loss services provider is California Resources Corporation (NYSE:CRC) who posted an equally disappointing Q4 report.
Who Are CRC And What Went Wrong With Q4?
On February 26, California Resources Corporation (CRC) posted its Q4 report for 2017. This caused the stock to plunge nearly 20% today, but we’ll get to that later. First, we need to review both the company itself and its quarterly report.
For those who don’t know, CRC is an oil and gas exploration and output company. It was founded four years ago and is currently led by CEO Todd A. Stevens. Two years ago, CRC disclosed net proved reserves of 568M barrels of oil equivalent. Now, for the Q4 report!
Here’s what you need to know:
– California Resources Corp reported a net loss attributable to common stock of $138 million for Q4 of 2017.
– The company’s Q4 adjusted net loss was 14 million ($0.33 per diluted share)
– In 2017, California Resources Corp experienced a CRC net loss of $266 million ($6.26 per diluted share)
– For the full year, adjusted net loss came to $4.40 per diluted share ($187 million)
There are two reasons in particular that I’m a little surprised to see the stock plunging today: first, the company actually reported a much smaller than expected loss in the quarter, and two, CRC had a number of highlights last year, such as operating roughly nine rigs in the quarter and drilling 81 wells.
Regardless of what I think, the CRC stock still dropped nearly 5% in after-hours trading yesterday and is currently trading at $16.81 today. This puts the stock down $3.30 on the New York Stock Exchange, or 16.41%. It opened the day at $18.65 and has a market cap of 720.16 million.
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