12 Undervalued Stocks to Buy According to Wall Street

8. California Resources Corporation (NYSE:CRC)

Average Upside Potential: 56.88%

California Resources Corporation (NYSE:CRC) is one of the undervalued stocks to buy according to the Wall Street. On June 16, California Resources announced the pricing of a $550 million private offering of 7.250% senior unsecured notes due 2035 at par. The offering is expected to close on June 26, subject to customary closing conditions, with the notes guaranteed by the company’s existing and certain future subsidiaries.

The company estimates net proceeds of approximately $541 million from this offering. It intends to use these funds, alongside cash on hand or revolving credit borrowings, to redeem all of its outstanding $550 million in 8.250% senior notes due 2029 at a redemption price of 104.125% plus accrued interest.

The notes are being offered exclusively to qualified institutional buyers and non-US persons in compliance with applicable securities laws and will not be registered under the Securities Act. While the redemption of the 2029 notes is conditional upon the completion of this new offering, the offering itself is not contingent upon the finalization of that redemption.

California Resources Corporation (NYSE:CRC) operates as an independent energy and carbon management company in the US. It operates in two segments, Oil and Natural Gas, and Carbon Management.

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