An issue of California Resources Corporation (NYSE:CRC) bonds rose 1.5% against their face value during trading on Tuesday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $65.00 and was trading at $64.38 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several equities analysts have recently weighed in on the stock. Bank of America Corporation lowered shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $22.00 to $10.00 in a report on Friday, June 30th. Zacks Investment Research lowered shares of California Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, BidaskClub lowered shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th.
Shares of California Resources Corporation (CRC) traded up 0.178% during trading on Thursday, hitting $8.465. 256,226 shares of the stock traded hands. The firm has a market cap of $360.54 million, a price-to-earnings ratio of 0.935 and a beta of 6.29. California Resources Corporation has a 12 month low of $6.64 and a 12 month high of $23.42. The company has a 50 day moving average price of $8.85 and a 200 day moving average price of $13.95.
California Resources Corporation (NYSE:CRC) last announced its earnings results on Thursday, May 4th. The oil and gas producer reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.23. The company had revenue of $590 million for the quarter, compared to the consensus estimate of $486.15 million. The firm’s revenue for the quarter was up 83.2% on a year-over-year basis. Analysts anticipate that California Resources Corporation will post ($5.47) earnings per share for the current fiscal year.
In related news, Director Justin A. Gannon bought 2,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The shares were purchased at an average price of $13.60 per share, with a total value of $27,200.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.91% of the company’s stock.
Several large investors have recently made changes to their positions in CRC. Oxford Asset Management bought a new stake in shares of California Resources Corporation during the first quarter worth $5,880,000. State Street Corp raised its stake in California Resources Corporation by 5.7% in the first quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after buying an additional 156,817 shares during the last quarter. Hellman Jordan Management Co. Inc. MA acquired a new stake in California Resources Corporation during the second quarter valued at approximately $1,309,000. UBS Oconnor LLC raised its stake in California Resources Corporation by 120.3% in the first quarter. UBS Oconnor LLC now owns 244,006 shares of the oil and gas producer’s stock valued at $3,670,000 after buying an additional 133,242 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in California Resources Corporation by 86.2% in the first quarter. Acadian Asset Management LLC now owns 250,011 shares of the oil and gas producer’s stock valued at $3,759,000 after buying an additional 115,762 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
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California Resources Corporation 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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