BUZZ-RBC Capital raises California Resources PT on two new legislative bills
RBC Capital Markets has raised the price target for California Resourcesfrom $60 to $66, indicating a 24.5% upside from the stock's last close. This adjustment follows the passage of two significant legislative bills in California, AB881 and SB237, which are expected to enhance CRC's ability to develop oil and gas assets and expand its carbon management opportunities. Currently, 12 out of 13 brokerages rate CRC as a 'buy' or higher, with a median price target of $63.5.
Brokerage RBC Capital Markets raises price target on oil and gas company California Resources (CRC.N) to $66 from $60
The new price target represents a 24.5% upside to the stock’s last close
Brokerage says the two new bills, Assembly Bill 881 (AB881) and Senate Bill 237 (SB237), passed by the California State Senate, are legislative game-changers for CRC
“SB237 would allow CRC to develop oil and gas assets while AB881 opens the door to a wider opportunity related to the carbon management business” - RBC
Brokerage notes CRC is well positioned to benefit from the enactment of these legislative changes
12 of 13 brokerages rate the stock “buy” or higher, and 1 “hold”; their median PT is $63.5 - data compiled by LSEG
