Roth MKM lowered the firm’s price target on California Resources to $56 from $58 and keeps a Buy rating on the shares. A California appellate court overturned a lower court’s decision to deem an existing environmental impact report covering parts of Kern County, CA suitable for the purpose of issuing new oil and gas drilling permits in the county, and the firm is reducing its 2024 cash flow per share estimates due to the permitting issue, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CRC:
- California Resources price target lowered to $65 from $70 at RBC Capital
- California Resources assessing ruling, expects to continue to execute plans
- California Resources selloff on court ruling ‘overdone,’ says Stifel
- California Resources weakness reflects continued stay in place, says RBC
- California Resources to have negative reaction to court ruling, says Roth MKM