California Resources Corporation (CRC) Bonds Trading 1.5% Lower

An issue of California Resources Corporation (NYSE:CRC) debt fell 1.5% as a percentage of its face value during trading on Monday. The debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $62.75 and were trading at $65.25 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

CRC has been the topic of several research analyst reports. Morgan Stanley reissued an “equal weight” rating on shares of California Resources Corporation in a research note on Saturday, September 16th. Zacks Investment Research raised California Resources Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Imperial Capital initiated coverage on California Resources Corporation in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price objective on the stock. ValuEngine raised California Resources Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Finally, BidaskClub cut California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has an average rating of “Hold” and a consensus target price of $14.33.

Shares of California Resources Corporation (NYSE CRC) opened at 10.62 on Wednesday. The company has a market cap of $454.24 million, a PE ratio of 0.96 and a beta of 6.35. California Resources Corporation has a 12 month low of $6.47 and a 12 month high of $23.42. The firm’s 50-day moving average price is $8.94 and its 200 day moving average price is $10.07.

California Resources Corporation (NYSE:CRC) last posted its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.63) by ($0.20). The firm had revenue of $516.00 million during the quarter, compared to analyst estimates of $450.17 million. The company’s revenue for the quarter was up 62.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.80) earnings per share. Equities research analysts anticipate that California Resources Corporation will post ($5.85) earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of CRC. Public Employees Retirement System of Ohio acquired a new position in California Resources Corporation in the second quarter valued at $281,000. Koch Industries Inc. boosted its stake in California Resources Corporation by 1,014.6% in the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after acquiring an additional 134,927 shares in the last quarter. California State Teachers Retirement System boosted its stake in California Resources Corporation by 21.0% in the second quarter. California State Teachers Retirement System now owns 75,584 shares of the oil and gas producer’s stock valued at $646,000 after acquiring an additional 13,100 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in California Resources Corporation by 5.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after acquiring an additional 743 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in California Resources Corporation by 32.3% in the second quarter. The Manufacturers Life Insurance Company now owns 35,303 shares of the oil and gas producer’s stock valued at $303,000 after acquiring an additional 8,609 shares in the last quarter. Hedge funds and other institutional investors own 74.80% of the company’s stock.

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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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