An issue of California Resources Corporation (NYSE:CRC) debt fell 0.9% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $52.38 and was trading at $54.50 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
CRC has been the topic of a number of research analyst reports. BidaskClub lowered shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th. Bank of America Corporation lowered shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $22.00 to $10.00 in a report on Friday, June 30th. Finally, Zacks Investment Research raised shares of California Resources Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th.
California Resources Corporation (NYSE:CRC) traded up 0.29% during trading on Thursday, hitting $6.89. 848,458 shares of the company traded hands. The company’s 50 day moving average is $7.45 and its 200-day moving average is $11.98. California Resources Corporation has a 52 week low of $6.47 and a 52 week high of $23.42. The stock has a market capitalization of $294.70 million, a PE ratio of 0.62 and a beta of 6.23.
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 analysts’ consensus estimates of ($1.63) by $0.20. The company had revenue of $516 million during the quarter, compared to analysts’ expectations of $450.17 million. The company’s revenue was up 62.8% on a year-over-year basis. During the same period last year, the firm earned ($1.80) earnings per share. Analysts predict that California Resources Corporation will post ($5.77) earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in California Resources Corporation during the fourth quarter valued at $2,434,000. UBS Asset Management Americas Inc. increased its position in California Resources Corporation by 4.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 226,084 shares of the oil and gas producer’s stock valued at $4,813,000 after buying an additional 10,527 shares in the last quarter. Teachers Advisors LLC increased its position in California Resources Corporation by 11.8% in the fourth quarter. Teachers Advisors LLC now owns 62,264 shares of the oil and gas producer’s stock valued at $1,326,000 after buying an additional 6,550 shares in the last quarter. Nationwide Fund Advisors increased its position in California Resources Corporation by 145.7% in the first quarter. Nationwide Fund Advisors now owns 48,957 shares of the oil and gas producer’s stock valued at $736,000 after buying an additional 29,032 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position 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 in the last quarter. 70.89% of the stock is owned by institutional investors.
About California Resources Corporation
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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