California Resources has been given a Buy rating and a price target of $68 by UBS. The company is described as a unique exploration and production company with a diverse asset base that sets it apart from competitors.

This includes ventures in power, real estate, and a developing carbon capture, utilization, and storage (CCUS) business. It is expected that California Resources will receive its Class VI permits in the fourth quarter, which is anticipated to be a significant catalyst for the company. This development is projected to provide more visibility into the growth potential of its CCUS unit and strengthen its position in the market.