Barclays Upgrades California Resources (CRC) to Overweight

Barclays analyst Betty Jiang upgraded California Resources (NYSE: CRC) from Equalweight to Overweight with a price target of $60.00 (from $50.00).

The analyst comments: "We hosted investor meetings with Francisco Leon, CEO, Clio Crespy, CFO, and Daniel Juck, Investor Relations, over three days in London and Milan last week. The story is resonating with European investors - from an easing regulatory environment for oil & gas operations to the future growth opportunities in the carbon management business. For a stock that trades below the producing value of its upstream assets, CRC has multiple idiosyncratic catalysts on the horizon that could crystallize value for shares. We are upgrading CRC to OW from EW reflecting expectations of a more constructive operating environment in California, which would allow the market to not only give credit to CRC's differentiated low-decline, long duration, upstream asset base but also contemplate the upside value for the uniqueness of the carbon management business."

For an analyst ratings summary and ratings history on California Resources click here. For more ratings news on California Resources click here.

Shares of California Resources closed at $42.69 yesterday.

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