California Resources (CRC) Debt Trading 1.5% Higher

An issue of California Resources Corp (NYSE:CRC) debt rose 1.5% against its face value during trading on Tuesday. The high-yield debt issue has a 8% coupon and is set to mature on December 15, 2022. The bonds in the issue are now trading at $87.50 and were trading at $84.50 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

Several research firms recently issued reports on CRC. Morgan Stanley upped their price objective on California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Imperial Capital began coverage on California Resources in a research report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price objective on the stock. Bank of America raised California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a research report on Thursday, January 4th. Finally, ValuEngine raised California Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $17.75.

California Resources Corp (NYSE:CRC) traded up $0.51 during midday trading on Tuesday, hitting $20.86. The stock had a trading volume of 1,353,695 shares, compared to its average volume of 1,560,000. The company has a market cap of $894.23, a PE ratio of -4.17 and a beta of 6.63. 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 12-month low of $6.47 and a 12-month high of $23.42.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, beating the consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million for the quarter, compared to the consensus estimate of $476.87 million. California Resources’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.75) earnings per share. analysts expect that California Resources Corp will post -4.65 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP bought a new position in California Resources in the 3rd quarter worth $770,000. California Public Employees Retirement System raised its holdings in California Resources by 7.6% in the 3rd quarter. California Public Employees Retirement System now owns 335,911 shares of the oil and gas producer’s stock worth $3,514,000 after purchasing an additional 23,605 shares during the period. Cubist Systematic Strategies LLC bought a new position in California Resources in the 3rd quarter worth $164,000. Janus Henderson Group PLC raised its holdings in California Resources by 8.8% in the 3rd quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock worth $8,548,000 after purchasing an additional 66,280 shares during the period. Finally, Restructuring Capital Associates LP raised its holdings in California Resources by 39.5% in the 3rd quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock worth $18,105,000 after purchasing an additional 490,408 shares during the period. 75.22% of the stock is currently 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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