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Surging Earnings Estimates Signal Good News for California Resources (CRC)
November 10, 2017

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California Resources Corporation (CRC - Free Report) is engaged in the exploration and production of oil and gas and could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CRC’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that California Resources could be a solid choice for investors.

Current Quarter Estimates for CRC

In the past 30 days, two estimates have gone higher for California Resources while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of $1.20 a share 30 days ago, to a loss of 76 cents today, a move of 36.7%.

Current Year Estimates for CRC

Meanwhile, California Resources current year figures are also looking quite promising, with two estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of $5.79 per share 30 days ago to a loss of $5.10 per share today, an improvement of 11.9%.

California Resources Corporation Price and Consensus

California Resources Corporation Price and Consensus | California Resources Corporation Quote

Bottom Line

The stock has also started to move higher lately, adding 48.8% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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