An issue of California Resources Corp (NYSE:CRC) bonds fell 1.4% against their face value during trading on Friday. The high-yield debt issue has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $75.03 and was trading at $77.00 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price.
Separately, Zacks Investment Research upgraded California Resources Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, January 25th.
California Resources Corp (NYSE:CRC) traded up 5.06% during trading on Friday, hitting $12.67. The company had a trading volume of 1,525,227 shares. California Resources Corp has a one year low of $8.79 and a one year high of $23.42. The company has a market capitalization of $539.64 million, a price-to-earnings ratio of 1.40 and a beta of 6.79. The stock has a 50-day moving average of $13.04 and a 200 day moving average of $16.34.
California Resources Corp (NYSE:CRC) last posted its earnings results on Thursday, May 4th. The oil and gas producer reported ($1.02) EPS for the quarter, beating the consensus estimate of ($1.25) by $0.23. The firm had revenue of $590 million during the quarter, compared to analyst estimates of $486.15 million. The firm’s revenue for the quarter was up 83.2% compared to the same quarter last year. Equities analysts forecast that California Resources Corp will post ($3.32) EPS for the current fiscal year.
In related news, Director Justin A. Gannon purchased 2,000 shares of California Resources Corp stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average price of $13.60 per share, with a total value of $27,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.08% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of CRC. Restructuring Capital Associates LP increased its stake in shares of California Resources Corp by 67.6% in the first quarter. Restructuring Capital Associates LP now owns 251,469 shares of the oil and gas producer’s stock worth $3,782,000 after buying an additional 101,469 shares in the last quarter. Credit Suisse AG increased its stake in shares of California Resources Corp by 15.1% in the first quarter. Credit Suisse AG now owns 72,690 shares of the oil and gas producer’s stock worth $1,093,000 after buying an additional 9,554 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of California Resources Corp by 5.6% in the first quarter. AQR Capital Management LLC now owns 311,959 shares of the oil and gas producer’s stock worth $4,691,000 after buying an additional 16,645 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of California Resources Corp during the first quarter worth about $215,000. Finally, State Street Corp increased its stake in shares of California Resources Corp by 5.7% in the first quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock worth $43,849,000 after buying an additional 156,817 shares in the last quarter. 82.30% of the stock is currently owned by institutional investors and hedge funds.
California Resources Corp 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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