California Resources Corporation (CRC) Debt Trading 1.3% Higher

An issue of California Resources Corporation (NYSE:CRC) bonds rose 1.3% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $64.00 and was trading at $63.97 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

CRC has been the topic of several analyst reports. Bank of America Corporation lowered California Resources Corporation from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $22.00 to $10.00 in a report on Friday, June 30th. BidaskClub lowered California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th. Zacks Investment Research lowered California Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Morgan Stanley reissued an “equal weight” rating on shares of California Resources Corporation in a report on Saturday, September 16th. Finally, ValuEngine raised California Resources Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating and three have given a hold rating to the company. California Resources Corporation presently has a consensus rating of “Hold” and an average target price of $14.33.

Shares of California Resources Corporation (NYSE CRC) opened at 10.48 on Thursday. California Resources Corporation has a 1-year low of $6.47 and a 1-year high of $23.42. The firm has a market capitalization of $448.25 million, a price-to-earnings ratio of 0.94 and a beta of 6.35. The company has a 50-day moving average price of $9.04 and a 200 day moving average price of $10.07.

California Resources Corporation (NYSE:CRC) last posted its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million during the quarter, compared to analyst estimates of $450.17 million. During the same period last year, the firm posted ($1.80) EPS. The firm’s quarterly revenue was up 62.8% compared to the same quarter last year. On average, equities research analysts predict that California Resources Corporation will post ($5.85) EPS for the current year.

Institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its position in California Resources Corporation by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock worth $116,000 after buying an additional 743 shares in the last quarter. Koch Industries Inc. grew its position in California Resources Corporation by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock worth $133,000 after buying an additional 134,927 shares in the last quarter. Bayesian Capital Management LP purchased a new position in California Resources Corporation during the second quarter worth about $141,000. BlueCrest Capital Management Ltd grew its position in California Resources Corporation by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after buying an additional 2,509 shares in the last quarter. Finally, Voya Investment Management LLC grew its position in California Resources Corporation by 41.6% during the second quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock worth $164,000 after buying an additional 5,631 shares in the last quarter. Institutional investors and hedge funds own 74.80% of the company’s stock.

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About California Resources Corporation

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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