Stephens lowered the firm’s price target on California Resources (CRC) to $67 from $73 and keeps an Overweight rating on the shares. The firm is adjusting 2025-2027 oil and natural gas price forecasts based on recent NYMEX strip prices, noting that OPEC’s decision to increase output amid rising U.S. production, moderating global demand growth, and trade policy-driven recession concerns have trimmed 2025 WTI spot prices 1% year-to-date and 4% over the past six months.
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