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Can California Resources Corporation (CRC) Keep the Earnings Streak Alive This Quarter?

Looking for a stock that might be in a good position to beat earnings at its next report? Consider California Resources Corporation CRC, a firm in the Oil & Gas - US Exploration & Production industry, which could be a great candidate for another beat.

This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. In fact, in these reports, CRC has beaten estimates by at least 10% in both cases, suggesting it has a nice short-term history of crushing expectations.

Earnings in Focus

Two quarters ago, CRC expected to post a loss of $2.6 per share, while it actually produced a loss of $2.0 per share, a beat of 23.1%. Meanwhile, for the most recent quarter, the company looked to deliver a loss of $3.0 per share, when it actually saw a loss of $2.6 per share instead, representing a 13.3% positive surprise.

 

CA RESOURCES CP Price and EPS Surprise

CA RESOURCES CP Price and EPS Surprise | CA RESOURCES CP Quote

Thanks in part to this history, recent estimates have been moving higher for California Resources. In fact, the Earnings ESPfor CRC is positive, which is a great sign of a coming beat.

After all, the Zacks Earnings ESP compares the most accurate estimate to the broad consensus, looking to find stocks that have seen big revisions as of late, suggesting that analysts have recently become more bullish on the company’s earnings prospects. This is the case for CRC as the firm currently has a Zacks Earnings ESP of 53.13%, so another beat could be around the corner.

This is particularly true when you consider that CRC has a great Zacks Rank #2(Buy) which can be a harbinger of outperformance and a signal for a strong earnings profile. And when you add this solid Zacks Rank to a positive Earnings ESP, a positive earnings surprise happens nearly 70%of the time, so it seems pretty likely that CRC could see another beat at its next report, especially if recent trends are any guide.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CA RESOURCES CP (CRC): Free Stock Analysis Report
 
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Zacks Investment Research

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