California Resources resumed with an Outperform at RBC Capital

RBC Capital resumed coverage of California Resources (CRC) with an Outperform rating and $70 price target following the close of the all-stock combination with Berry (BRY). California Resources provides a “unique” opportunity to own responsibly sourced oil & gas where there is now a more visible path to production resiliency along with exposure to an evolving ‘clean energy’ business with significant upside and growth, the analyst tells investors in a research note.