Shares of California Resources Corp (CRC) surged over 5% in pre-market trading on Tuesday, following the company's robust third-quarter earnings that topped Wall Street estimates. The oil and gas exploration firm reported adjusted earnings of $1.50 per share for Q3 2024, exceeding the consensus forecast of $1.35. Revenue also came in higher at $1.35 billion versus expectations of $989.9 million.
The stellar results prompted several analysts to reaffirm their Buy ratings on CRC stock. Mizuho Securities' Nitin Kumar highlighted the company's "solid operational performance and strategic growth opportunities." Likewise, David Deckelbaum of TD Cowen maintained a Buy rating, citing CRC's "strong performance and strategic initiatives."
Looking ahead, CRC expects net production sold of 140 to 144 MBoe/d in Q4, while adjusted EBITDAX is projected to range from $260 million to $300 million for the quarter. With a favorable outlook and growing momentum, analysts remain bullish on CRC's prospects, with a median 12-month price target of $65 per share.
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