California Resources (CRC) Bond Prices Rise 1%

An issue of California Resources Corp (NYSE:CRC) debt rose 1% against its face value during trading on Monday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $77.25 and was trading at $73.75 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

A number of research firms have recently weighed in on CRC. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. ValuEngine upgraded shares of California Resources from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Imperial Capital increased their price objective on shares of California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a research note on Wednesday, November 8th. Morgan Stanley increased their price objective on shares of California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Finally, Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. California Resources currently has an average rating of “Hold” and an average target price of $14.25.

California Resources Corp (NYSE CRC) traded up $0.72 during mid-day trading on Monday, reaching $18.17. 2,478,770 shares of the company traded hands, compared to its average volume of 1,784,582. The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78. California Resources Corp has a 52 week low of $6.47 and a 52 week 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) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million for the quarter, compared to analyst estimates of $476.87 million. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.75) EPS. research analysts predict that California Resources Corp will post -4.67 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position in California Resources by 23.1% during the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after buying an additional 672,825 shares during the period. Vanguard Group Inc. grew its position in California Resources by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock valued at $15,803,000 after buying an additional 84,072 shares during the period. Mackenzie Financial Corp grew its position in California Resources by 2.9% during the third quarter. Mackenzie Financial Corp now owns 1,742,000 shares of the oil and gas producer’s stock valued at $18,221,000 after buying an additional 49,500 shares during the period. Restructuring Capital Associates LP grew its position in California Resources by 39.5% during the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock valued at $18,105,000 after buying an additional 490,408 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in California Resources by 193.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after buying an additional 727,264 shares during the period. Institutional investors own 75.71% of the company’s stock.

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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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