RBC Capital raises California Resources PT on two new legislative bills

** Brokerage RBC Capital Markets raises price target on oil and gas company California Resources CRC.N to $66 from $60

** The new price target represents a 24.5% upside to the stock's last close

** Brokerage says the two new bills, Assembly Bill 881 (AB881) and Senate Bill 237 (SB237), passed by the California State Senate, are legislative game-changers for CRC

** "SB237 would allow CRC to develop oil and gas assets while AB881 opens the door to a wider opportunity related to the carbon management business" - RBC

** Brokerage notes CRC is well positioned to benefit from the enactment of these legislative changes

** 12 of 13 brokerages rate the stock "buy" or higher, and 1 "hold"; their median PT is $63.5 - data compiled by LSEG