Shares of California Resources Corporation (CRC) surged over 5.97% in trading on November 6th, fueled by the company's impressive third-quarter earnings report and bullish outlook for the future. The oil and gas exploration firm reported adjusted earnings of $1.50 per share for Q3 2024, significantly exceeding analysts' consensus forecast of $1.35.
CRC's robust financial performance was further bolstered by better-than-expected revenue, which came in at $1.35 billion versus expectations of $989.9 million. The company's solid operational performance and strategic initiatives were cited as key drivers behind the strong results, prompting several analysts to reaffirm their Buy ratings on the stock.
Looking ahead, CRC provided an optimistic outlook for the fourth quarter, projecting net production sold of 140 to 144 MBoe/d and adjusted EBITDAX in the range of $260 million to $300 million. With growing momentum and favorable prospects, analysts remain bullish on CRC's future, setting a median 12-month price target of $65 per share.
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