The upcoming report from California Resources Corporation (CRC) is expected to reveal quarterly earnings of $0.49 per share, indicating a decline of 46.2% compared to the year-ago period. Analysts forecast revenues of $786.68 million, representing a decline of 10.3% year over year.
The current level reflects a downward revision of 26.5% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
That said, let's delve into the average estimates of some California Resources metrics that Wall Street analysts commonly model and monitor.
The average prediction of analysts places 'Total Production Per Day' at 136.04 thousands of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 141.00 thousands of barrels of oil equivalent per day.
The consensus estimate for 'Production Per Day - Oil' stands at 107.91 thousands of barrels of oil per day. Compared to the present estimate, the company reported 112.00 thousands of barrels of oil per day in the same quarter last year.
The combined assessment of analysts suggests that 'Average realized prices with derivative settlements - Natural gas' will likely reach $3.48 . Compared to the present estimate, the company reported $3.65 in the same quarter last year.
Analysts expect 'Production per day - Natural Gas' to come in at . Compared to the present estimate, the company reported in the same quarter last year.
The collective assessment of analysts points to an estimated 'Production Per Day - NGL' of 10.04 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 10.00 thousands of barrels of oil per day.
View all Key Company Metrics for California Resources here>>>
Over the past month, California Resources shares have recorded returns of +15% versus the Zacks S&P 500 composite's -0.3% change. Based on its Zacks Rank #3 (Hold), CRC will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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California Resources Corporation (CRC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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