Barclays analyst Betty Jiang raised the firm’s price target on California Resources (CRC) to $66 from $60 and keeps an Overweight rating on the shares. The Berry acquisition is “good deal” as it is a well-timed transaction to buy low decline, conventional California assets ahead of easing of oil and gas permitting regulations, the analyst tells investors in a research note. The firm sees believes synergy and development optimization expectations have upside.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRC:
- Strategic Acquisition Boosts California Resources Corp’s Growth Prospects: Analyst Recommends Buy
- California Resources price target raised to $71 from $65 at Mizuho
- Roth suspects California Resources-Berry synergies may be higher than guided
- Tesla CEO buys shares, China says Nvidia broke antitrust law: Morning Buzz
- Jefferies sees ‘undeniable’ logic in combining California Resources, Berry