Oil and gas producer California Resources (NYSE: CRC) will be reporting earnings tomorrow after market hours. Here’s what investors should know.
California Resources beat analysts’ revenue expectations last quarter, reporting revenues of $1.01 billion, up 21.8% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 10.1%.
Is California Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting California Resources’s revenue to grow 9.8% year on year, a reversal from the 10.9% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. California Resources has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at California Resources’s peers in the upstream & integrated segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Weatherford’s revenues decreased 7.2% year on year, beating analysts’ expectations by 0.8%, and Expand Energy reported revenues up 11.6%, topping estimates by 54.4%. Weatherford traded up 7.8% following the results while Expand Energy was down 3.2%.
Read our full analysis of Weatherford’s results here and Expand Energy’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 4.4% on average over the last month. California Resources is up 4.7% during the same time and is heading into earnings with an average analyst price target of $75.33 (compared to the current share price of $55.49).
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