Stephens lowered the firm’s price target on California Resources (CRC) to $67 from $73 and keeps an Overweight rating on the shares. The firm is adjusting 2025-2027 oil and natural gas price forecasts based on recent NYMEX strip prices, noting that OPEC’s decision to increase output amid rising U.S. production, moderating global demand growth, and trade policy-driven recession concerns have trimmed 2025 WTI spot prices 1% year-to-date and 4% over the past six months.
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Read More on CRC:
- California Resources price target lowered to $55 from $57 at Barclays
- California Resources Corp’s Earnings Call Highlights Growth and Challenges
- Optimistic Outlook for California Resources Corp: Strong Financial Position and Strategic Initiatives Amid Share Price Decline
- California Resources Corp Reports Strong 2024 Results
- California Resources’ Carbon TerraVault provides 2024 update
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