Ultime notizie per California Resources (NYSE:CRC) Azioni

California Resources

California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.

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California Resources Corporation Common Stock

California Resources Corp

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California Resources Corp Warrants(27/10/2024)

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The Crypto Co

<p>In the latest quarter, 6 analysts provided ratings for California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>), showcasing a mix of bullish and bearish perspectives.</p>
<p>The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th align="right"><strong>Bullish</strong></th>
<th align="right"><strong>Somewhat Bullish</strong></th>
<th align="right"><strong>Indifferent</strong></th>
<th align="right"><strong>Somewhat Bearish</strong></th>
<th align="right"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td align="right">4</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
<p>The 12-month price targets, analyzed by analysts, offer insights with an average target of $66.83, a high estimate of $74.00, and a low estimate of $57.00. This current average has increased by 9.56% from the previous average price target of $61.00. </p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1732644148_0.png" alt="price target chart" /></p>
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
<p>The standing of California Resources among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>David Deckelbaum</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$74.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Michael Schwartz</td>
<td>Jefferies</td>
<td>Announces</td>
<td>Buy</td>
<td>$64.00</td>
<td>-</td>
</tr>
<tr>
<td>Mike Scialla</td>
<td>Stephens &amp; Co.</td>
<td>Announces</td>
<td>Overweight</td>
<td>$73.00</td>
<td>-</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Announces</td>
<td>Buy</td>
<td>$68.00</td>
<td>-</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$57.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$63.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to California Resources. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li><strong>Rating:</strong> Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of California Resources compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
<p>Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into California Resources's market standing. Stay informed and make well-considered decisions with our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/CRC/analyst-ratings?utm_source=Benzinga Insights"><strong>Stay up to date on California Resources analyst ratings.</strong></a></p>
<h2>Delving into California Resources's Background</h2>
<p>California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.</p>
<h3>Financial Insights: California Resources</h3>
<p><strong>Market Capitalization Perspectives:</strong> The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.</p>
<p><strong>Revenue Growth:</strong> California Resources's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of <strong>51.38%</strong>. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Energy sector.</p>
<p><strong>Net Margin:</strong> California Resources's net margin excels beyond industry benchmarks, reaching <strong>34.85%</strong>. This signifies efficient cost management and strong financial health.</p>
<p><strong>Return on Equity (ROE):</strong> California Resources's ROE excels beyond industry benchmarks, reaching <strong>12.43%</strong>. This signifies robust financial management and efficient use of shareholder equity capital.</p>
<p><strong>Return on Assets (ROA):</strong> California Resources's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive <strong>5.94%</strong> ROA, the company effectively utilizes its assets for optimal returns.</p>
<p><strong>Debt Management:</strong> California Resources's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of <strong>0.35</strong>.</p>
<h2>The Basics of Analyst Ratings</h2>
<p>Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.</p>
<p>In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


Analyst Ratings

Cracking The Code: Understanding Analyst Reviews For California Resources

<p>TD Cowen  analyst David Deckelbaum   maintains California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Buy and raises the price target from $65 to $74.</p>


News

Price Target

TD Cowen Maintains Buy on California Resources, Raises Price Target to $74

Management

California Resources Appoints Clio Crespy As CFO

WIIM

ACDC

AESI

ARCH

AROC

CIVI

CTRA

DINO

GPOR

HNRG

INVX

KNTK

LBRT

MTDR

PARR

PTEN

SDRL

TALO

TRGP

USAC

WFRD

Shares of oil and fossil fuel companies are trading higher following the US presidential election. Investors may be weighing the potential impact of Donald Trump's energy policies on the sector.

<p><strong>Guidance</strong></p>
<p>The following table provides guidance for key fourth quarter financial and operating metrics. For the balance of 2024, CRC expects to run a one-rig program.</p>
<p>CRC has actioned $135 million in Aera merger related synergies during the second half of 2024 and remains on-track to deliver approximately $235 million in estimated synergies by the third quarter of 2025. A reduction of $60 million2 in annual interest expense was achieved in the second quarter of 2024 and third quarter results reflect approximately $8 million of run rate savings. Looking forward, fourth quarter guidance includes $22 million of actioned synergies and the next $45 million of actioned Aera merger synergies are expected to be gradually reflected throughout 2025.</p>
<p>CRC plans to implement the final $100 million of projected operational and general and administrative Aera merger related synergies next year, with the benefits expected to be realized throughout 2025 and 2026. Projected operational synergies are expected to reduce operating costs, ARO, and capital. CRC plans to provide additional details of these operations synergies with its full year 2025 guidance during its fourth quarter 2024 earnings call. See Attachment 2 for additional information.</p>
<p><figure class="table"><br />
<table>
<tbody>
<tr>
<td><strong>CRC Guidance7</strong></td>
<td><strong>Total</strong><br /><br /><strong>4Q24E</strong></td>
</tr>
<tr>
<td>Net Production Sold (MBoe/d)</td>
<td>140 - 144</td>
</tr>
<tr>
<td>Oil Production Sold (%)</td>
<td>~79%</td>
</tr>
<tr>
<td>Capital ($ millions)</td>
<td>$85 - $105</td>
</tr>
<tr>
<td>Adjusted EBITDAX1 ($ millions)</td>
<td>$260 - $300</td>
</tr>
</tbody>
</table>
<p></p></figure></p>


Guidance

California Resources Sees Q4 Adj. EBITDAX $260M-$300M

<p>California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) reported quarterly earnings of $1.50 per share which beat the analyst consensus estimate of $1.34 by 11.94 percent. This is a 47.06 percent increase over earnings of $1.02 per share from the same period last year.  The company reported quarterly sales of $1.35 billion which beat the analyst consensus estimate of $968.78 million by 39.66 percent.  This is a 194.13 percent increase over sales of $460.00 million the same period last year.</p>


Earnings

Earnings Beats

California Resources Q3 Adj $1.50 Beats $1.34 Estimate, Sales $1.35B Beat $968.78M Estimate

<p>Jefferies  analyst Michael Schwartz   initiates coverage on California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Buy rating and announces Price Target of $64.</p>


Initiation

Jefferies Initiates Coverage On California Resources with Buy Rating, Announces Price Target of $64

<p>In the latest quarter, 8 analysts provided ratings for California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>), showcasing a mix of bullish and bearish perspectives.</p>
<p>The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;"><strong>Bullish</strong></th>
<th style="text-align: right;"><strong>Somewhat Bullish</strong></th>
<th style="text-align: right;"><strong>Indifferent</strong></th>
<th style="text-align: right;"><strong>Somewhat Bearish</strong></th>
<th style="text-align: right;"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
<p>Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $64.12, a high estimate of $73.00, and a low estimate of $55.00. Observing a 4.82% increase, the current average has risen from the previous average price target of $61.17. </p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729612847_0.png" alt="price target chart" /></p>
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
<p>In examining recent analyst actions, we gain insights into how financial experts perceive California Resources. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mike Scialla</td>
<td>Stephens &amp; Co.</td>
<td>Announces</td>
<td>Overweight</td>
<td>$73.00</td>
<td>-</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Announces</td>
<td>Buy</td>
<td>$68.00</td>
<td>-</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$57.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Kalei Akamine</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$55.00</td>
<td>$62.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to California Resources. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li><strong>Rating:</strong> Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of California Resources compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
<p>Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of California Resources's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/CRC/analyst-ratings?utm_source=Benzinga Insights"><strong>Stay up to date on California Resources analyst ratings.</strong></a></p>
<h2>Unveiling the Story Behind California Resources</h2>
<p>California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.</p>
<h3>California Resources's Financial Performance</h3>
<p><strong>Market Capitalization:</strong> Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.</p>
<p><strong>Decline in Revenue:</strong> Over the 3 months period, California Resources faced challenges, resulting in a decline of approximately <strong>-9.76%</strong> in revenue growth as of 30 June, 2024. This signifies a reduction in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Energy sector.</p>
<p><strong>Net Margin:</strong> California Resources's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of <strong>1.6%,</strong> the company may face hurdles in effective cost management.</p>
<p><strong>Return on Equity (ROE):</strong> California Resources's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of <strong>0.39%,</strong> the company may encounter challenges in delivering satisfactory returns for shareholders.</p>
<p><strong>Return on Assets (ROA):</strong> The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of <strong>0.19%,</strong> the company may need to address challenges in generating satisfactory returns from its assets.</p>
<p><strong>Debt Management:</strong> California Resources's debt-to-equity ratio is below the industry average. With a ratio of <b>0.6</b>, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.</p>
<h2>Analyst Ratings: What Are They?</h2>
<p>Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.</p>
<p>Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.</p>
<p>Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


Unveiling 8 Analyst Insights On California Resources

California Resources shares are trading higher after Stephens & Co. initiated coverage on the stock with an Overweight rating and announced a price target of $73.

<p>California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) underwent analysis by 8 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.</p>
<p>The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th align="right"><strong>Bullish</strong></th>
<th align="right"><strong>Somewhat Bullish</strong></th>
<th align="right"><strong>Indifferent</strong></th>
<th align="right"><strong>Somewhat Bearish</strong></th>
<th align="right"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td align="right">3</td>
<td align="right">3</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
<p>Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $64.12, with a high estimate of $73.00 and a low estimate of $55.00. Witnessing a positive shift, the current average has risen by 4.82% from the previous average price target of $61.17.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729602062_0.png" alt="price target chart" /></p>
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
<p>The analysis of recent analyst actions sheds light on the perception of California Resources by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mike Scialla</td>
<td>Stephens &amp; Co.</td>
<td>Announces</td>
<td>Overweight</td>
<td>$73.00</td>
<td>-</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Announces</td>
<td>Buy</td>
<td>$68.00</td>
<td>-</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$57.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Kalei Akamine</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$55.00</td>
<td>$62.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to California Resources. This offers insight into analysts' perspectives on the current state of the company.</li>
<li><strong>Rating:</strong> Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of California Resources compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts explore the dynamics of price targets, providing estimates for the future value of California Resources's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
<p>For valuable insights into California Resources's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/CRC/analyst-ratings?utm_source=Benzinga Insights"><strong>Stay up to date on California Resources analyst ratings.</strong></a></p>
<h2>Discovering California Resources: A Closer Look</h2>
<p>California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.</p>
<h3>Key Indicators: California Resources's Financial Health</h3>
<p><strong>Market Capitalization:</strong> Boasting an elevated market capitalization, the company surpasses industry averages. This signals substantial size and strong market recognition.</p>
<p><strong>Negative Revenue Trend:</strong> Examining California Resources's financials over 3 months reveals challenges. As of 30 June, 2024, the company experienced a decline of approximately <strong>-9.76%</strong> in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Energy sector.</p>
<p><strong>Net Margin:</strong> California Resources's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of <strong>1.6%,</strong> the company may face hurdles in effective cost management.</p>
<p><strong>Return on Equity (ROE):</strong> California Resources's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of <strong>0.39%,</strong> the company may face hurdles in achieving optimal financial returns.</p>
<p><strong>Return on Assets (ROA):</strong> California Resources's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of <strong>0.19%,</strong> the company may face hurdles in generating optimal returns from its assets.</p>
<p><strong>Debt Management:</strong> California Resources's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of <strong>0.6</strong>.</p>
<h2>Analyst Ratings: Simplified</h2>
<p>Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.</p>
<p>Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.</p>
<p><strong>Breaking: Wall Street's Next Big Mover</strong></p>
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<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


Analyst Scoreboard: 8 Ratings For California Resources

<p>Stephens &amp; Co.  analyst Mike Scialla   initiates coverage on California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Overweight rating and announces Price Target of $73.</p>


Stephens & Co. Initiates Coverage On California Resources with Overweight Rating, Announces Price Target of $73

<p>UBS  analyst Josh Silverstein   initiates coverage on California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Buy rating and announces Price Target of $68.</p>


UBS Initiates Coverage On California Resources with Buy Rating, Announces Price Target of $68

<p>Colorado School of Mines (Mines) and Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>), today announced the award of $8.9 million from the U.S. Department of Energy (DOE) for a Carbon Storage Assurance Facility Enterprise (CarbonSAFE) project in California.<br /><br />&nbsp;</p>
<p>The grant will allow Mines, CTV, and industry partners Blade Energy Partners and Providence Strategic Consulting to conduct a feasibility study on the <strong>CTV III CO2&nbsp;Storage Project</strong>, an underground carbon storage reservoir in San Joaquin County, California. The project will store up to an expected 71 million metric tons (MT) of carbon emissions.</p>
<p>The CarbonSAFE Initiative was created by the DOE in 2016 to accelerate the deployment of carbon capture and storage (CCS) by helping stakeholders address key gaps in the implementation of commercial-scale projects. The objectives of the CarbonSAFE Initiative align with the California Air Resources Board's Scoping Plan for Achieving Carbon Neutrality in California, which sets carbon removal/capture targets of 20 million MT of CO2 by 2030 and 100 million MT by 2045.</p>
<p>CarbonSAFE projects include analysis of the following phases: Integrated Carbon Capture and Storage Pre-Feasibility, Storage Complex Feasibility, Site Characterization and Permitting, and Injection Construction. Results seek to improve the understanding of project screening, site selection, characterization, baseline monitoring, verification, and accounting procedures, and information necessary to submit appropriate permit applications.</p>


Contracts

Colorado School Of Mines And  California Resources' Carbon TerraVault Awarded $8.9M in DOE Funding For CarbonSAFE Project

<p>Throughout the last three months, 7 analysts have evaluated California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>), offering a diverse set of opinions from bullish to bearish.</p>
<p>The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.</p>
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;"><strong>Bullish</strong></th>
<th style="text-align: right;"><strong>Somewhat Bullish</strong></th>
<th style="text-align: right;"><strong>Indifferent</strong></th>
<th style="text-align: right;"><strong>Somewhat Bearish</strong></th>
<th style="text-align: right;"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
<p>Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $62.14, a high estimate of $65.00, and a low estimate of $55.00. This upward trend is apparent, with the current average reflecting a 1.59% increase from the previous average price target of $61.17.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1727971222_0.png" alt="price target chart" /></p>
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
<p>An in-depth analysis of recent analyst actions unveils how financial experts perceive California Resources. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$57.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Kalei Akamine</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$55.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Announces</td>
<td>Buy</td>
<td>$63.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to California Resources. This offers insight into analysts' perspectives on the current state of the company.</li>
<li><strong>Rating:</strong> Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of California Resources compared to the broader market.</li>
<li><strong>Price Targets:</strong> Gaining insights, analysts provide estimates for the future value of California Resources's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
<p>Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of California Resources's market standing. Stay informed and make data-driven decisions with our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/CRC/analyst-ratings?utm_source=Benzinga Insights"><strong>Stay up to date on California Resources analyst ratings.</strong></a></p>
<h2>About California Resources</h2>
<p>California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.</p>
<h3>Unraveling the Financial Story of California Resources</h3>
<p><strong>Market Capitalization Analysis:</strong> The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.</p>
<p><strong>Revenue Challenges:</strong> California Resources's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately <strong>-9.76%</strong>. This indicates a decrease in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Energy sector.</p>
<p><strong>Net Margin:</strong> California Resources's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of <strong>1.6%,</strong> the company may face hurdles in effective cost management.</p>
<p><strong>Return on Equity (ROE):</strong> California Resources's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of <strong>0.39%,</strong> the company may face hurdles in achieving optimal financial performance.</p>
<p><strong>Return on Assets (ROA):</strong> California Resources's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of <strong>0.19%,</strong> the company may face hurdles in achieving optimal financial performance.</p>
<p><strong>Debt Management:</strong> California Resources's debt-to-equity ratio stands notably higher than the industry average, reaching <strong>0.6</strong>. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.</p>
<h2>Analyst Ratings: What Are They?</h2>
<p>Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.</p>
<p>Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


Peeling Back The Layers: Exploring California Resources Through Analyst Insights

<p>Barclays  analyst Betty Jiang   maintains California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Equal-Weight and raises the price target from $55 to $57.</p>


Barclays Maintains Equal-Weight on California Resources, Raises Price Target to $57

<p>This strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the State of California.&nbsp;</p>


Sage Geosystems, California Resources Sign MOU To Establish Collaborative Framework For Pursuing Commercial Projects Related To Subsurface Energy Storage And Geothermal Power Generation In California

<p>Throughout the last three months, 8 analysts have evaluated California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>), offering a diverse set of opinions from bullish to bearish.</p>
<p>The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;"><strong>Bullish</strong></th>
<th style="text-align: right;"><strong>Somewhat Bullish</strong></th>
<th style="text-align: right;"><strong>Indifferent</strong></th>
<th style="text-align: right;"><strong>Somewhat Bearish</strong></th>
<th style="text-align: right;"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
<p>Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $63.5, a high estimate of $65.00, and a low estimate of $55.00. This upward trend is apparent, with the current average reflecting a 0.57% increase from the previous average price target of $63.14.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1725562853_0.png" alt="price target chart" /></p>
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
<p>The analysis of recent analyst actions sheds light on the perception of California Resources by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Kalei Akamine</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$55.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Announces</td>
<td>Buy</td>
<td>$63.00</td>
<td>-</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to California Resources. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li><strong>Rating:</strong> Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of California Resources compared to the broader market.</li>
<li><strong>Price Targets:</strong> Gaining insights, analysts provide estimates for the future value of California Resources's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
<p>Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of California Resources's market position. Stay informed and make well-informed decisions with our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/CRC/analyst-ratings?utm_source=Benzinga Insights"><strong>Stay up to date on California Resources analyst ratings.</strong></a></p>
<h2>Discovering California Resources: A Closer Look</h2>
<p>California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.</p>
<h3>Key Indicators: California Resources's Financial Health</h3>
<p><strong>Market Capitalization Analysis:</strong> Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.</p>
<p><strong>Revenue Challenges:</strong> California Resources's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately <strong>-9.76%</strong>. This indicates a decrease in top-line earnings. When compared to others in the Energy sector, the company faces challenges, achieving a growth rate lower than the average among peers.</p>
<p><strong>Net Margin:</strong> California Resources's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of <strong>1.6%,</strong> the company may encounter challenges in effective cost control.</p>
<p><strong>Return on Equity (ROE):</strong> California Resources's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of <strong>0.39%,</strong> the company may face hurdles in achieving optimal financial returns.</p>
<p><strong>Return on Assets (ROA):</strong> California Resources's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of <strong>0.19%,</strong> the company may encounter challenges in delivering satisfactory returns from its assets.</p>
<p><strong>Debt Management:</strong> California Resources's debt-to-equity ratio is below the industry average. With a ratio of <b>0.6</b>, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.</p>
<h2>The Significance of Analyst Ratings Explained</h2>
<p>Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.</p>
<p>Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


The Latest Analyst Ratings For California Resources

<p>Citigroup  analyst Scott Gruber   maintains California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Buy and raises the price target from $63 to $65.</p>


Citigroup Maintains Buy on California Resources, Raises Price Target to $65

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Shares of oil and gas companies are trading lower following reports suggesting an impending deal will restart Libyan oil production and exports.

<p>Last month,<strong> California Resources Corp </strong>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) completed its all-stock merger with <strong>Aera Energy</strong>, in <a href="https://www.benzinga.com/m-a/24/07/39596368/california-resources-concludes-merger-with-aera-energy">a deal valued at $2.1 billion</a>.</p>
<p>Datacenters, many of which have deep pockets, could be an opportunity to commercialize carbon capture and storage (CCS), according to Bank of America Securities.</p>
<p>Bank of America Securities <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/63735ad038196600014fbbc8/kalei-akamine">analyst Kalei Akamine</a> upgraded the rating for California Resources<strong> </strong>from Neutral to Buy, while raising the price target from $57 to $65.</p>
<p>&#8220;California&#8217;s power grid isn&#8217;t growing fast enough,&#8221; the firm stated in the note. Deep-pocketed datacenters may not be willing to wait four years to connect; This backdrop may be the opportunity CCS needs to commercialize, it added. </p>
<p>California Resources<strong> </strong>may offer "unique exposure to this theme" in case the company goes ahead with its CalCapture project, Akamine stated.</p>
<p><strong>The </strong><strong>California Resources </strong><strong>Thesis: </strong>While natural gas with carbon capture is not considered green enough, this perception may be changing "as the market comes to grips with power demand implications that the data center buildout portends," Akamine said in the upgrade note.</p>
<p><strong>Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.</strong></p>
<p>As power demand grows, it is "unreasonable to assume" that the complete generation in California can be replaced by renewables "on a timeline that matches demand, while also balancing the needs of the grid," the analyst wrote.</p>
<p>"The pragmatic approach to addressing this need sees natural gas with carbon capture as a transition fuel," Akamine added.</p>
<p><strong>CRC Price Action:</strong> Shares of California Resources<strong> </strong>had risen by 4.36% to $51.65 at the time of publication on Wednesday.</p>
<p><strong>Now Read: </strong></p>
<ul>
<li><strong><a href="https://www.benzinga.com/markets/equities/24/08/40489714/traders-raise-bets-on-aggressive-rate-cuts-as-us-economy-sees-818-000-jobs-revised-away-7-etfs-r">Traders Raise Bets On Aggressive Rate Cuts As US Economy Sees 818,000 Jobs Revised Away: 7 ETFs React To Employment Data</a></strong></li>
</ul>
<p><em>Image: Pixabay</em></p>


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Press Releases

California Resources Corporation Announces CTV I Elk Hills Community Benefits Plan

Sage Geosystems, Inc. and California Resources Corporation Announce Strategic Partnership for Subsurface Energy Storage and Geothermal Power Generation in California

California Resources Corporation and Los Angeles Rams Team Up to Launch "Football Without the Footprint" Carbon Management Initiative

California Resources Corporation Schedules Third Quarter 2024 Earnings Conference Call

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Colorado School of Mines and Carbon TerraVault Awarded $8.9 Million in DOE Funding for CarbonSAFE Project

Kern County Board of Supervisors Advance CRC's Carbon TerraVault I Project

California Resources Corporation Releases 2023 Sustainability Report Detailing a Year of Progress on Sustainability Initiatives

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