Wells Fargo analyst Sam Margolin initiated coverage of California Resources (CRC) with an Overweight rating and $58 price target The firm notes the company’s legacy business is conventional oil in California, and that it estimates shares trade right at PDP value. On top of E&P, California Resources is pursuing multiple paths of value unlock/growth for its emerging CCUS business and owned/operated power assets. In a conservative case, the power business is worth about $7.70/share and CCUS is worth $5/share at a 20% discount rate and less than 8M tpa injection tons from 2030, Wells adds.
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