California Resources Corporation (CRC) Debt Trading 1.9% Higher

An issue of California Resources Corporation (NYSE:CRC) debt rose 1.9% against its face value during trading on Monday. The debt issue has a 6% coupon and will mature on November 15, 2024. The debt is now trading at $46.38. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

Several analysts have commented on the stock. Zacks Investment Research upgraded shares of California Resources Corporation from a “hold” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a research note on Wednesday, October 18th. Imperial Capital assumed coverage on shares of California Resources Corporation in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price target on the stock. ValuEngine cut shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, October 6th. Morgan Stanley boosted their price target on shares of California Resources Corporation from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Finally, BidaskClub cut shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $11.50.

Shares of California Resources Corporation (CRC) traded up 3.47% during mid-day trading on Monday, reaching $10.45. 1,614,780 shares of the company’s stock traded hands. The company’s 50 day moving average is $9.97 and its 200 day moving average is $9.63. California Resources Corporation has a 12-month low of $6.47 and a 12-month high of $23.42. The company has a market cap of $446.97 million, a P/E ratio of 0.94 and a beta of 6.34.

California Resources Corporation (NYSE:CRC) last issued its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($1.63) by ($0.20). The business had revenue of $516.00 million for the quarter, compared to the consensus estimate of $450.17 million. During the same quarter in the previous year, the business earned ($1.80) earnings per share. California Resources Corporation’s revenue for the quarter was up 62.8% compared to the same quarter last year. On average, analysts predict that California Resources Corporation will post ($5.65) EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of CRC. American International Group Inc. increased its position in shares of California Resources Corporation by 3.3% during the first quarter. American International Group Inc. now owns 19,524 shares of the oil and gas producer’s stock valued at $294,000 after acquiring an additional 630 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of 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 valued at $116,000 after acquiring an additional 743 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of California Resources Corporation by 12.6% during the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after acquiring an additional 1,356 shares during the last quarter. Teachers Advisors LLC increased its position in shares of California Resources Corporation by 2.9% during the first quarter. Teachers Advisors LLC now owns 64,044 shares of the oil and gas producer’s stock valued at $963,000 after acquiring an additional 1,780 shares during the last quarter. Finally, BlueCrest Capital Management Ltd increased its position in shares of 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 valued at $144,000 after acquiring an additional 2,509 shares during the last quarter. 74.09% of the stock is currently owned by institutional investors.

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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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