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.
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