Investors Should Take Profits After California Resources' Run-Up
California Resources Corp. still looks overvalued, despite our increased fair value estimate of $11 per share. We think investors are either too optimistic about the outlook for Brent crude, or are failing to recognize the vulnerability of California Resources' stock in the event of weakening commodity prices.Our updated fair value estimate corresponds to 8.0 times EV/EBITDA in 2018, which we consider lofty for an exploration and production firm with a targeted annual production growth rate of ...
California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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