Earnings Estimates Moving Higher for California Resources (CRC): Time to Buy?

Core Viewpoint - California Resources Corporation (CRC) is experiencing solid improvement in earnings estimates, which may lead to continued short-term price momentum and an improving earnings outlook [1][2]. Estimate Revisions - Analysts show growing optimism regarding California Resources' earnings prospects, reflected in upward revisions of earnings estimates, which correlate strongly with near-term stock price movements [2]. - The current-quarter earnings estimate is projected at $1.42 per share, indicating a year-over-year decline of 5.3%. However, the Zacks Consensus Estimate has increased by 19.33% over the last 30 days, with no negative revisions [6]. - For the full year, the earnings estimate is $4.38 per share, representing a year-over-year increase of 12.6%. The consensus estimate has risen by 10.19% over the past month, with two estimates moving higher and no negative revisions [7][8]. Zacks Rank - California Resources has achieved a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in raising earnings estimates, which is a reliable indicator for investment decisions [9]. - Stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500, suggesting a favorable investment environment for California Resources [9]. Stock Performance - The stock has increased by 16.7% over the past four weeks due to strong estimate revisions, indicating potential for further upside [10].