Jefferies initiated coverage of California Resources (CRC) with a Buy rating and $64 price target The company offers a unique opportunity with oil leverage through its E&P business and energy transition optionality through CCS and Power, the analyst tells investors in a research note. The stock also trades at a discount to other E&Ps due to O&G permitting challenges in California and business transition risks, but in E&P, California Resources can largely mitigate production declines without new drill permits, offering potential upside to valuation, the firm added.
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Read More on CRC:
- California Resources announce approval for CTV I project conditional use permit
- California Resources initiated with an Overweight at Stephens
- California Resources initiated with a Buy at UBS
- Colorado School of Mines, Carbon TerraVault awarded $8.9M in DOE funding
- California Resources price target raised to $57 from $55 at Barclays
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