California Resources (CRC) Bond Prices Rise 1.9%
An issue of California Resources Corp (NYSE:CRC) debt rose 1.9% as a percentage of its face value during trading on Thursday. The debt issue has a 5.5% coupon and is set to mature on September 15, 2021. The debt is now trading at $81.50 and was trading at $74.00 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.
CRC has been the subject of a number of research reports. Morgan Stanley reissued an “equal weight” rating on shares of California Resources in a research note on Saturday, September 16th. ValuEngine raised shares of California Resources from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Imperial Capital initiated coverage on shares of California Resources in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price target for the company. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price target for the company in a research note on Wednesday, October 18th. Finally, Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $14.25.
California Resources Corp (CRC) traded down $0.06 during mid-day trading on Thursday, reaching $16.69. 1,041,117 shares of the company’s stock were exchanged, compared to its average volume of 1,784,244. 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 fifty-two week low of $6.47 and a fifty-two week high of $23.42.
California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $476.87 million. During the same period last year, the company posted ($1.75) EPS. California Resources’s revenue for the quarter was down .2% on a year-over-year basis. equities research analysts forecast that California Resources Corp will post -4.67 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in CRC. Schwab Charles Investment Management Inc. boosted its stake in shares of California Resources by 193.4% in the 2nd 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 purchasing an additional 727,264 shares in the last quarter. State Street Corp boosted its stake in shares of California Resources by 23.1% in the 2nd quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after purchasing an additional 672,825 shares in the last quarter. Restructuring Capital Associates LP boosted its stake in shares of 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 valued at $18,105,000 after purchasing an additional 490,408 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of California Resources in the 2nd quarter valued at $3,642,000. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of California Resources by 137.3% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 512,168 shares of the oil and gas producer’s stock valued at $5,357,000 after purchasing an additional 296,361 shares in the last quarter. 75.71% 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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