California Resources' New Projects Under Carbon Management Business To Be The Key Focus Of 2Q: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Mizuho analyst Nitin Kumar reiterated a Buy rating on California Resources Corporation (CRC), raising the price target to $60 from $52. The focus of CRC's 2Q call is expected to be on its first Carbon capture and storage project, following Exxon Mobil's acquisition of Denbury. Investors are also expected to focus on the progress of the Carbon TerraVault (CTV) projects under CRC's Carbon Management Business (CMB). Despite a slowdown in permitting new oil wells in California, CRC is focusing on permits already in hand for 2023/1H24. The company also expects to benefit from gas realizations at the SoCal Border hub.
July 14, 2023 | 6:31 pm
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POSITIVE IMPACT
California Resources Corporation's focus on its Carbon capture and storage project and the progress of the Carbon TerraVault projects could potentially boost investor confidence. The raised price target by Mizuho analyst also indicates a positive outlook.
The raised price target by Mizuho analyst indicates a positive outlook for CRC. The company's focus on its Carbon capture and storage project and the progress of the Carbon TerraVault projects are expected to be the key focus areas for investors, which could potentially boost investor confidence and positively impact the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Exxon Mobil's recent acquisition of Denbury is expected to indirectly impact California Resources Corporation's 2Q call focus on its first Carbon capture and storage project.
Exxon Mobil's recent acquisition of Denbury is mentioned in the context of California Resources Corporation's 2Q call focus on its first Carbon capture and storage project. While this news does not directly impact Exxon Mobil, it shows the company's influence in the sector.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50