TD Cowen raises PT on California Resources

California Resources

26/11/2024 11:38

** TD Cowen raises price target on U.S.-based oil and gas
firm California Resources  CRC.N  to $74 from $65
    ** CRC shares up 1.1% at $58.68 premarket with low volumes
    ** New PT represents 27% upside to stock's last close
    ** Brokerage says "CRC is our best idea for 2025 as co
embarks on multiple value unlocking catalysts that we feel are
still underappreciated by investors"
    ** Adds CRC has several potential catalysts over the course
of FY25 that should materially illuminate unlocked value
potential
    ** Catalysts include acquiring permits for its Carbon
TerraVault (CTV) project, securing long-term Power business
contracts and ending drilling freezes in its exploration and
production (E&P) business
    ** "We expect to gain clarity on those issues over the
course of FY25" - TD Cowen
    ** 9 of 10 brokerages rate stock "buy" or higher, 1 "hold";
their median PT is $65.50 - data compiled by LSEG
    ** As of last close, stock up 6.16% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))