Barclays has revised its price target for California Resources (CRC, Financial), bringing it down to $47 from the previous $55. Despite this adjustment, the firm maintains an Equal Weight rating for the stock. This update comes in the context of a Q1 preview for the integrated oil, exploration, and production sector.
According to Barclays analyst Betty Jiang, the focus for this quarter will be on the overall economic environment. Companies with lower break-even points and robust balance sheets are anticipated to perform better, particularly in scenarios of reduced oil prices.
Additionally, Barclays has adjusted its forecasts for oil prices, projecting them at $60 per barrel for 2025 and $65 per barrel for 2026, reflecting ongoing uncertainties in the market.
