California Resources: Citigroup Raises PT to $47, Maintains Neutral Rating

California Resources: Citigroup Raises PT to $47, Maintains Neutral Rating

In a recent report, Citigroup has revised its price target for California Resources Corporation (NYSE: CRC) to $47.00, while maintaining a neutral rating on the stock. This update comes amidst a period of fluctuating analyst sentiments and price targets for the oil and gas producer.

The latest move by Citigroup follows a series of adjustments by other major financial institutions. In the past few months, analysts from firms like JP Morgan, Mizuho, UBS, and Barclays have raised their price targets and ratings for CRC, reflecting a generally bullish outlook. For instance, JP Morgan raised its rating to "Overweight" with a price target of $63.00 [1].

However, Citigroup's decision to maintain a neutral rating suggests a more cautious view on the stock's potential. The neutral rating implies that the firm sees the stock as neither a strong buy nor a sell, indicating a balanced perspective on the company's future performance.

California Resources has been a focus of investor attention due to its strong earnings reports and increasing institutional ownership. The company recently reported quarterly earnings of $1.07 per share, surpassing the consensus estimate of $0.83. This robust performance has been a key factor driving analyst interest [2].

Despite the positive earnings, California Resources faces a challenging market environment, with fluctuating oil prices and regulatory pressures. Analysts are closely monitoring these factors and adjusting their ratings and price targets accordingly. Citigroup's neutral rating reflects the company's complex positioning in the market.

The latest price target from Citigroup is slightly higher than the current consensus price target of $62.00. However, it remains lower than the high estimates of some other analysts, indicating a range of expectations for the stock's future performance.

In summary, Citigroup's updated price target for California Resources reflects a balanced view on the company's prospects. While the stock has seen a surge in analyst interest and strong earnings reports, the neutral rating from Citigroup highlights the need for investors to consider both the positive and negative factors influencing the stock's performance.

References:

[1] https://www.marketbeat.com/instant-alerts/q3-earnings-forecast-for-crc-issued-by-capital-one-financial-2025-07-17/
[2] https://www.nasdaq.com/articles/analyst-verdict-california-resources-eyes-10-experts