California Resources (CRC) Debt Trading 1.9% Higher

An issue of California Resources Corp (NYSE:CRC) debt rose 1.9% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $79.25 and was trading at $76.50 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.

Several equities analysts have recently issued reports on CRC shares. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating and boosted their price target for the company from $17.91 to $25.00 in a report on Friday, February 9th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Zacks Investment Research raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. Goldman Sachs raised shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price target for the company in a report on Thursday, February 1st. Finally, Imperial Capital raised shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price target for the company in a report on Monday, February 12th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.42.

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Shares of California Resources stock traded down $0.70 during mid-day trading on Thursday, hitting $16.00. 1,685,568 shares of the stock traded hands, compared to its average volume of 1,706,489. California Resources Corp has a one year low of $6.47 and a one year high of $25.06. The firm has a market cap of $634.09, a price-to-earnings ratio of -2.56 and a beta of 6.25. The company has a quick ratio of 0.58, a current ratio of 0.66 and a debt-to-equity ratio of -7.37.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.21. The company had revenue of $455.00 million during the quarter, compared to the consensus estimate of $540.57 million. The company’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.76) earnings per share. sell-side analysts predict that California Resources Corp will post -2.59 earnings per share for the current year.

In related news, Director Harry T. Mcmahon acquired 35,530 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were acquired at an average cost of $14.18 per share, with a total value of $503,815.40. Following the transaction, the director now owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.91% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Engineers Gate Manager LP bought a new stake in California Resources in the 4th quarter valued at $909,000. Dimensional Fund Advisors LP bought a new stake in California Resources in the 2nd quarter valued at $1,285,000. Masters Capital Management LLC bought a new stake in California Resources in the 4th quarter valued at $19,440,000. Mackenzie Financial Corp lifted its position in California Resources by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,812,300 shares of the oil and gas producer’s stock valued at $35,231,000 after acquiring an additional 70,300 shares in the last quarter. Finally, Elephas Investment Management Ltd bought a new stake in California Resources in the 4th quarter valued at $26,082,000. 73.90% of the stock is currently owned by institutional investors and hedge funds.

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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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