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Chord Energy (NASDAQ:CHRD) and California Resources (NYSE:CRC) received Buy ratings from UBS, with price targets set at $168 and $68, respectively. Chord's positive outlook is attributed to its operational efficiency, strong balance sheet, and attractive valuation, which reflects robust fundamentals.
California Resources Corporation recently saw insider trading activity, with VP Noelle M. Repetti selling 10,000 shares at $53.00, totaling $530,000, while CEO Francisco Leon sold 7,500 shares for $368,850. Institutional investors hold 97.79% of the company's stock, and analysts maintain a "Moderate Buy" rating with a consensus target price of $64.75. The company also announced a quarterly dividend increase to $0.3875, reflecting a 2.94% yield.
California Resources Corporation, an independent energy and carbon management firm, is focused on the energy transition and produces the lowest carbon oil in the U.S. The company is developing carbon capture and storage projects through its Carbon TerraVault initiative and operates in key oil and gas reservoirs, including the San Joaquin and Los Angeles Basins. It holds significant interests in the Elk Hills field, the largest in the San Joaquin Basin, along with other major oil fields in the region.
UBS has initiated coverage of California Resources with a Buy rating and a price target of $68, highlighting the company's unique position in exploration and production due to its diversified asset base, which includes power, real estate, and a developing carbon capture, utilization, and storage (CCUS) business. The firm anticipates that the company will start receiving its Class VI permits in Q4, which is expected to serve as a key catalyst for growth in the CCUS unit.
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