Shares of hydrocarbon exploration company California Resources Corp. (CRC) are climbing 12 percent on Tuesday’s trading despite there being no company announcement or other news to impact the stock.
The company recently reported first-quarter net loss of $94 million or $1.13 per share, narrower than net loss of $1.8 billion or $36.43 per share in the same period last year.
Net income, excluding certain items, came in at $102 million or $1.22 per share, compared to net loss of $8 million or $0.16 per share in the year-ago quarter.
During the three-month period, revenues fell to $363 million from $573 million in the prior-year quarter.
The stock is currently trading at $28.36, up $3.21 or 12 percent on the NYSE. CRC has traded between $10.99 and $28.90 during the past 52 weeks.
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