RBC Capital Markets has added oil and gas company California Resources to its outperforming basket of energy stocks. The investment bank said the energy company had a "relatively attractive valuation" and strong growth potential due to its carbon capture and sector division, prompting it to be added to RBC's Global Energy Best Ideas List.
The sector has risen 6.5% this year, underperforming the broader market. However, RBC expects CRC shares to outperform the industry over the next 12 months. 'Significant value for CRC shareholders' California Resources recently boosted its fundamentals with a $2.1 billion acquisition of Aera Energy earlier this year.
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