California Resources Soars 3.47% on Barclays Upgrade

California Resources (CRC) surged 3.47% today, marking its second consecutive day of gains, with a total increase of 3.90% over the past two days. The share price reached its highest level since April 2025, with an intraday gain of 3.96%.

The strategy of buying CRC shares after they reached a recent high and holding for 1 week yielded moderate returns over the past 5 years, with a 4.5% annualized return. However, the overall performance was slightly underwhelming, as the strategy lagged the benchmark SPY ETF by 2.5 percentage points. This suggests that while the strategy provided some growth, it may not have been the most optimal approach, especially considering the volatility in the energy sector.

Barclays upgraded California Resources' stock from Equal-Weight to Overweight on May 30, 2025. This upgrade reflects a positive outlook on the company's future performance and has likely contributed to the recent surge in its stock price. The upgrade was accompanied by a new price target of $60, up from $50, further indicating Barclays' confidence in the company's prospects.

In addition to the upgrade, California Resources reported strong financial results for the first quarter of 2025. The company's performance surpassed market expectations, which has likely bolstered investor confidence and driven the stock's positive performance. The combination of strong financial results and a positive outlook from a major financial institution has created a favorable environment for California Resources' stock.