Citigroup Reiterates Buy Rating on California Resources
Citigroup maintains a bullish outlook on California Resources with a $70 price target, a 32.40% upside from the current price.
Key Points
- On June 30, 2026, Citigroup reiterated its buy rating on California Resources Corporation (NYSE: CRC) with a price target of $70.
- Citigroup's $70 price target implies 32.40% upside from California Resources Corporation's ($CRC) current $52.87 share price.
- Shares of CRC traded near $52.60 on Wednesday, with the company holding a market cap of approximately $4.77 billion and a forward P/E ratio of 11.33.
- Insiders have been active, with EVP Omar Hayat buying 7,312 shares and selling 6,084 shares on June 19, 2026.
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Citigroup reaffirmed its buy rating on California Resources Corporation (NYSE: CRC) on June 30, 2026, setting a price target of $70. Analyst Scott Gruber maintained his positive outlook on the energy company, which focuses on oil and natural gas exploration and carbon management.
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Other Institutional Activity in California Resources
BlackRock, Inc. grew its holdings by 32,663 shares, ending with 12,372,185 shares worth about $856.4 million. The Canada Pension Plan Investment Board reduced its position by 3,500,000 shares, finishing with 7,006,895 shares valued at approximately $485 million, reflecting a 33.3% decrease. Vanguard Portfolio Management LLC opened a new position with 5,247,255 shares worth about $363.2 million. SourceRock Group LLC increased its stake by 270,787 shares to 4,545,993 shares, valued at $314.7 million, a 6.3% rise.
California Resources Corporation Stock Up 1.2%
Shares of CRC traded near $52.60 on Wednesday. The company has a market cap of about $4.77 billion and a forward P/E ratio of 11.33. With a beta of 0.901, the stock has a 52-week low of $43.25 and a high of $71.98. The 50-day moving average is $60.99, and the 200-day moving average is $55.13. The company has a current ratio of 0.547 and a quick ratio of 0.427, with a debt-to-equity ratio of 47.224.
$CRC price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
In its most recent earnings report, California Resources Corporation reported revenue of $3.46 billion, reflecting a growth rate of 6.7%. The company posted a negative net margin of 13.4% and a return on equity of -14.4%. The next earnings release is scheduled for August 4, 2026.
Dividend
California Resources offers an annual dividend rate of $1.62, yielding 3.02%. The dividend payout ratio stands at 37.77%.
Insider Buying and Selling at California Resources Corporation
On June 19, 2026, EVP and Chief Operating Officer Omar Hayat purchased 7,312 shares and sold 6,084 shares, not under a Rule 10b5-1 plan. Earlier, on June 4, EVP Jay Bys sold 11,907 shares at an average price of $61.68 as part of a planned transaction.
Analysts Set New Price Targets
On June 30, 2026, Citigroup maintained its buy rating for CRC with a $70 price target. Previously, on May 27, 2026, Mizuho maintained a buy rating with a target of $87, and Barclays maintained a buy rating with an $80 target on May 26. The consensus rating is strong buy with an average target price of $82.45 based on 11 analyst opinions.
About California Resources Corporation
California Resources Corporation is an independent energy company based in Long Beach, California. It operates in the oil and natural gas sectors, exploring, developing, and producing crude oil and natural gas. The company also focuses on carbon management through its Carbon TerraVault segment, which handles CO2 capture and storage. Led by CEO Mr. Francisco J. Leon, CRC employs around 2,500 people.
Bottom Line
Citigroup's reiterated buy rating and $70 price target reflect continued confidence in California Resources Corporation. Investors often track these analyst ratings as part of their investment research. However, it's important to remember that these ratings are opinions at a point in time and may not represent future performance.
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