Citigroup raises price target on California Resources

Citigroup raises price target on oil and gas company California Resources CRC.N to $67 from $51; representing a premium of ~4.8% to the stock's last close

Brokerage believes CRC's core business of conventional oil production in California has swung from a headwind to a tailwind when combined with a renewed ability to secure drilling permits

"With concerns toward shale inventory life, investors are willing to place higher multiples on conventional production versus the past 10+ years," brokerage adds

Also sees co's carbon capture business as well-positioned to aid growth in power, especially if added to California’s clean power procurement program

13 of 14 brokerages rate the stock "buy" or higher and one "hold"; median PT is $72- data compiled by LSEG

As of last close, CRC up 43% YTD