JPMorgan initiated coverage of California Resources (CRC) with a Neutral rating and $63 price target California Resources is an independent exploration and production company with an early-stage carbon capture and storage business that operates under its Carbon TerraVault joint venture, the analyst tells investors in a research note. The firm thinks the company’s “torque to oil prices could be a drag to the stock” as it sees an oversupplied oil market in 2025. Additionally, commodity price independent, California Resources’s idiosyncratic catalysts are “currently in limbo” due to regulatory uncertainty, the analyst tells investors in a research note.
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