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California Resources Corporation (CRC) shares increased by 6.3% to $56.33 in the latest trading session, significantly outperforming its 9.9% gain over the past month. This rise is attributed to the announced all-stock merger with Berry Corporation, expected to deliver annual synergies of $80-90 million and strengthen CRC’s financial metrics, including a more robust balance sheet and enhanced free cash flow.
For its upcoming quarterly earnings report, CRC is expected to post earnings of $1.42 per share, reflecting a 5.3% year-over-year decrease, alongside anticipated revenues of $872.27 million, down 35.5% from the previous year. Notably, the consensus EPS estimate has been revised 19.3% higher in the last 30 days.
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