What To Know About B of A Securities's Downgrade of California Resources

B of A Securities downgraded its rating of California Resources CRC to Neutral with a price target of $60.00, changing its price target from $64.00 to $60.00.

Shares of California Resources are trading down 0.36% over the last 24 hours, at $51.90 per share.

A move to $60.00 would account for a 15.61% increase from the current share price.

About California Resources

California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. CRC has a large portfolio of lower-risk conventional opportunities in the following California oil and gas basins: San Joaquin, Los Angeles, Ventura, and Sacramento.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.