An issue of California Resources Corporation (NYSE:CRC) bonds rose 1.5% against their face value during trading on Tuesday. The debt issue has a 8% coupon and is set to mature on December 15, 2022. The bonds in the issue are now trading at $65.00 and were trading at $64.38 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.
Several research firms have commented on CRC. BidaskClub downgraded shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Zacks Investment Research downgraded shares of California Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, Bank of America Corporation downgraded shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $22.00 to $10.00 in a research note on Friday, June 30th.
Shares of California Resources Corporation (NYSE:CRC) traded down 4.99% on Friday, hitting $7.05. 3,348,881 shares of the stock traded hands. The firm has a market cap of $300.27 million, a PE ratio of 0.78 and a beta of 6.23. The firm has a 50 day moving average price of $8.55 and a 200 day moving average price of $13.55. California Resources Corporation has a 52-week low of $6.57 and a 52-week high of $23.42.
California Resources Corporation (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by $0.20. The firm had revenue of $516 million during the quarter, compared to analyst estimates of $450.17 million. California Resources Corporation’s quarterly revenue was up 62.8% on a year-over-year basis. During the same quarter last year, the business earned ($1.80) earnings per share. On average, equities analysts forecast that California Resources Corporation will post ($5.47) EPS for the current year.
In related news, Director Justin A. Gannon purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were bought at an average price of $13.60 per share, for a total transaction of $27,200.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.91% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL bought a new stake in California Resources Corporation during the second quarter valued at $180,000. Ameriprise Financial Inc. raised its stake in California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after buying an additional 1,356 shares during the last quarter. Karp Capital Management Corp bought a new stake in California Resources Corporation during the first quarter valued at $182,000. Raymond James Financial Services Advisors Inc. bought a new stake in California Resources Corporation during the first quarter valued at $194,000. Finally, BlueCrest Capital Management Ltd bought a new stake in California Resources Corporation during the first quarter valued at $215,000. Institutional investors own 69.97% of the company’s stock.
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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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