TD Cowen analyst David Deckelbaum maintained a Buy rating on California Resources Corp yesterday and set a price target of $68.00.
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David Deckelbaum has given his Buy rating due to a combination of factors that highlight California Resources Corp’s promising future prospects. The company demonstrated robust performance in the third quarter with production aligning with expectations and EBITDAX slightly surpassing consensus estimates. Additionally, capital expenditures were managed efficiently, coming in below projections.
Looking ahead, CRC’s strategic plans for 2026 include maintaining a stable production level with a modest decline while optimizing capital spending. The company’s initiatives in carbon capture and storage, particularly the partnership with Capital Power, underscore its potential for growth in sustainable energy solutions. Furthermore, CRC’s recent financial maneuvers, such as the private offering of senior notes, position it well to manage upcoming acquisitions and enhance its balance sheet, contributing to a positive outlook for investors.
According to TipRanks, Deckelbaum is a 3-star analyst with an average return of 3.6% and a 38.12% success rate. Deckelbaum covers the Energy sector, focusing on stocks such as Sable Offshore, APA, and Coterra Energy.
In another report released on October 20, Bank of America Securities also maintained a Buy rating on the stock with a $66.00 price target.