Roth Capital raised the firm’s price target on California Resources (CRC) to $48 from $46 and keeps a Buy rating on the shares. The firm notes California Resources reported Q1 CFPS of $2.76, which was 11% above consensus of $2.50 due to better production, lower costs and higher EBIT from its electricity business. Roth is raising 2025 CFPS 14% on lower costs, greater electricity margin and more buyback. It is also raising 2026 CFPS by 10% on lower costs. The firm remains bullish on the name due to its reasonable balance sheet, solid returns of capital to shareholders, material upside potential from its carbon capture business and potential for data centers on its land.
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Read More on CRC:
- California Resources price target lowered to $60 from $75 at Truist
- California Resources Corp: Strong Financial Performance and Strategic Growth Justify Buy Rating
- California Resources Corp Elects Directors and Ratifies Auditor
- California Resources reports Q1 adjusted EPS $1.07, consensus 77c
- California Resources sees Q2 net produciton 133-137 MBoe/d