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.
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Read More on CRC:
- California Resources completes all-stock merger with Berry
- California Resources closes combination with Berry Corporation
- California Resources enters MOU with Middle River Power
- Berry Corporation stockholders approve combination with California Resources
- California Resources price target lowered to $64 from $68 at UBS