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California Resources Corporation (CRC) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended September 2023, California Resources Corporation (CRC - Free Report) reported revenue of $460 million, down 59.1% over the same period last year. EPS came in at $1.02, compared to $1.45 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $575.15 million, representing a surprise of -20.02%. The company delivered an EPS surprise of +29.11%, with the consensus EPS estimate being $0.79.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how California Resources Corporation performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Production per day - Natural Gas: 161 MMcf/d compared to the 137.25 MMcf/d average estimate based on two analysts.
Production Per Day - Oil: 61 MBbl/d versus the two-analyst average estimate of 52.23 MBbl/d.
Average realized prices with derivative settlements - Natural gas: $4.83 versus $3.87 estimated by two analysts on average.
Total Production Per Day: 101 MBoe/d compared to the 86.25 MBoe/d average estimate based on two analysts.
Production Per Day - NGL: 13 MBbl/d versus 11.15 MBbl/d estimated by two analysts on average.
Shares of California Resources Corporation have returned -3.7% over the past month versus the Zacks S&P 500 composite's -2.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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California Resources Corporation (CRC) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended September 2023, California Resources Corporation (CRC - Free Report) reported revenue of $460 million, down 59.1% over the same period last year. EPS came in at $1.02, compared to $1.45 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $575.15 million, representing a surprise of -20.02%. The company delivered an EPS surprise of +29.11%, with the consensus EPS estimate being $0.79.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how California Resources Corporation performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Production per day - Natural Gas: 161 MMcf/d compared to the 137.25 MMcf/d average estimate based on two analysts.
- Production Per Day - Oil: 61 MBbl/d versus the two-analyst average estimate of 52.23 MBbl/d.
- Average realized prices with derivative settlements - Natural gas: $4.83 versus $3.87 estimated by two analysts on average.
- Total Production Per Day: 101 MBoe/d compared to the 86.25 MBoe/d average estimate based on two analysts.
- Production Per Day - NGL: 13 MBbl/d versus 11.15 MBbl/d estimated by two analysts on average.
View all Key Company Metrics for California Resources Corporation here>>>Shares of California Resources Corporation have returned -3.7% over the past month versus the Zacks S&P 500 composite's -2.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.