Earnings To Watch: California Resources (CRC) Reports Q2 Results Tomorrow

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Oil and gas producer California Resources (NYSE: CRC) will be reporting earnings this Monday before market hours. Here’s what to expect.

California Resources missed analysts’ revenue expectations last quarter, reporting revenues of $119 million, down 86.9% year on year. It was a softer quarter for the company, with a significant miss of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 23.4%.

Is California Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting California Resources’s revenue to grow 15.8% year on year, slowing from the 61.3% increase it recorded in the same quarter last year.

California Resources Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. California Resources has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at California Resources’s peers in the mixed or offshore upstream e&p segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Vitesse Energy delivered year-on-year revenue growth of 11.3%, beating analysts’ expectations by 8.2%, and Solaris Energy Infrastructure reported revenues up 46.9%, topping estimates by 7.1%. Vitesse Energy’s stock price was unchanged after the resultswhile Solaris Energy Infrastructure was up 2.3%.

Read our full analysis of Vitesse Energy’s results here and Solaris Energy Infrastructure’s results here.

There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 2.1% on average over the last month. California Resources’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $77.55 (compared to the current share price of $52.11).

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