California Resources Corporation (CRC) saw its stock soar by 5.12% during intraday trading on Wednesday, driven by two key factors: progress in its pending merger with Berry Corporation and a positive analyst rating.

Berry Corporation announced that it has discontinued providing 2025 guidance due to the pending merger with California Resources. This move suggests that the merger is progressing, potentially creating value for shareholders of both companies. The market appears to be reacting positively to this development, seeing it as a sign of confidence in the merger's completion.

Adding to the bullish sentiment, Roth MKM analyst Leo Mariani maintained a Buy rating on California Resources Corp with a price target of $59.00. This reaffirmation of a positive outlook from a respected analyst likely contributed to investor optimism, further fueling the stock's upward movement. The price target suggests significant upside potential from current levels, encouraging investors to buy or hold onto CRC shares.