California Resources Corporation (CRC) stock is soaring 5.09% in intraday trading, buoyed by positive analyst actions and a generally bullish sentiment on Wall Street. The surge comes as UBS raised its price target for the company, signaling growing confidence in the oil and gas producer's prospects.

UBS, a leading global financial services firm, has increased its price target for California Resources to $51 from the previous $49. This upward revision suggests that the investment bank sees more upside potential in CRC's stock. The raised target price often indicates that analysts believe the company's fundamentals are improving or that it is undervalued at current levels.

Adding to the positive outlook, a survey of analysts polled by FactSet reveals that California Resources has an average rating of "buy" with a mean price target of $56.20. This consensus among analysts further underscores the market's optimistic view of the company's future performance. The average price target of $56.20 represents a significant premium to the current trading price, potentially explaining investors' enthusiasm and the resulting stock price surge.