California Resources' Lofty Share Price Is Justified

2026-03-03 14:10:23 ET

On March 2nd of 2026, shares of California Resources Corporation ( CRC ) closed up 4.5%. With that increase, shares are now up 10.6% since I reaffirmed the company as a Buy candidate back in September of last year. That comfortably outpaces the 4.2% rise of the S&P 500 (SP500) over the same window of time. Back then, the company got some attention in the media after management announced that the business was acquiring competitor Berry Corporation in an all-stock deal valued at $717 million on an enterprise value basis. That's a relatively small purchase considering the current enterprise value of California Resources Corporation of $6.17 billion. But at that time, I believed that the overall fundamental picture for California Resources Corporation was robust enough to justify a soft Buy rating....

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