California Resources (CRC) Bond Prices Rise 1.8%

An issue of California Resources Corp (NYSE:CRC) debt rose 1.8% against its face value during trading on Wednesday. The high-yield debt issue has a 5.5% coupon and is set to mature on September 15, 2021. The debt is now trading at $85.00 and was trading at $79.63 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.

A number of analysts have commented on the company. Morgan Stanley raised California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a report on Tuesday, November 7th. ValuEngine raised California Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Thursday, November 9th. Finally, Imperial Capital lifted their price objective on California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a report on Wednesday, November 8th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $14.25.

Shares of California Resources Corp (NYSE CRC) traded down $0.60 on Wednesday, hitting $16.04. The company had a trading volume of 1,690,894 shares, compared to its average volume of 1,776,050. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53. California Resources Corp has a one year low of $6.47 and a one year high of $23.42.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million during the quarter, compared to the consensus estimate of $476.87 million. During the same period in the previous year, the firm earned ($1.75) EPS. The business’s revenue was down .2% on a year-over-year basis. equities research analysts predict that California Resources Corp will post -4.67 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. grew its holdings in shares of California Resources by 5.8% in 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 acquiring an additional 743 shares during the period. Teachers Advisors LLC lifted its position in California Resources 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 purchasing an additional 1,780 shares in the last quarter. BlueCrest Capital Management Ltd lifted its position in California Resources 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 purchasing an additional 2,509 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in California Resources by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock valued at $1,604,000 after purchasing an additional 3,079 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in California Resources by 7.7% during the third quarter. Rhumbline Advisers now owns 64,748 shares of the oil and gas producer’s stock valued at $677,000 after purchasing an additional 4,625 shares in the last quarter. 75.59% of the stock is owned by institutional investors.

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California Resources Company Profile

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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