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California Resources raised to Outperform at Imperial Capital

  • California Resources (CRC +5.1%) is upgraded to Outperform from In-Line with a $26 price target at Imperial Capital following last week's announcement of a new midstream joint venture and equity investment.
  • CRC has discussed the potential of additional joint venture projects utilizing its sizable asset base, and Imperial believes the recent announcement adds significant incremental capital that the company can either deploy on its assets or continue to work on improving its balance sheet and debt metrics; the firm thinks these funds can lead to significant future value for CRC.
  • Imperial sees last week's developments as further evidence of the value in CRC's asset base.

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California Resources Corporation