The stock of California Resources Corp. continued a three-day climb on Wednesday, rising nearly 8 percent during trading hours to its highest price in two years.
Shares of the natural gas and oil company, based in Chatsworth, have gained $3, or about 13 percent, in the past week. The momentum is in keeping with the price of oil, which has hovered around a three-year high since last Friday.
The investment banking arm of Bank of America has taken notice of California Resources Corp.’s upward swing, upgrading the stock on Tuesday from “neutral” to “buy.” It has now surpassed analysts’ average price target of $18.93, according to Thomson Financial.
California Resources Corp. stock (CRC) rose $1.66, or 7.5 percent, on Wednesday to close at $23.67 on the New York Stock Exchange.