Truist Securities on California Resources (CRC): 'Underperformance Unwarranted'

Truist Securities analyst Neal Dingmann reiterated a Buy rating and $75.00 price target on California Resources (NYSE: CRC).

The analyst commented: "Underperformance Unwarranted Given Further Record FCF and CCS Advancement; California Resources shares have started the year on a down note despite traditional operations continuing as expected and CCS continuing to advance. It appears much of the recent stock price decrease has been due to temporary selling pressure with various investors more cautious on the macro oil picture though fundamentals around the company’s traditional and CCS businesses remain in check. We believe Kern County permitting should soon proceed allowing the company to step up activity resulting in future steady production growth. We reiterate our $75 price target suggesting notable upside. We also continue to believe CRC will be successful with additional CCS project/permit approvals."

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 $48.57 yesterday.

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