An issue of California Resources Corporation (NYSE:CRC) bonds rose 1% against their face value during trading on Tuesday. The debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $64.25 and were trading at $60.50 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of research analysts recently issued reports on CRC shares. BidaskClub lowered California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th. Zacks Investment Research downgraded California Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, Bank of America Corporation cut California Resources Corporation from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $22.00 to $10.00 in a research report on Friday, June 30th.
California Resources Corporation (CRC) opened at 8.40 on Friday. The firm has a market cap of $357.77 million, a PE ratio of 0.93 and a beta of 6.29. The company has a 50-day moving average price of $8.72 and a 200 day moving average price of $13.82. California Resources Corporation has a 12 month low of $6.64 and a 12 month high of $23.42.
California Resources Corporation (NYSE:CRC) last released its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported ($1.02) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.25) by $0.23. The company had revenue of $590 million during the quarter, compared to analyst estimates of $486.15 million. The company’s revenue was up 83.2% compared to the same quarter last year. Equities research analysts anticipate 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 California Resources Corporation stock in a transaction dated Thursday, May 11th. The stock was 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. Two Sigma Investments LP bought a new position in California Resources Corporation during the fourth quarter valued at $264,000. Russell Investments Group Ltd. acquired a new position in shares of California Resources Corporation during the fourth quarter valued at approximately $651,000. Fox Run Management L.L.C. acquired a new position in shares of California Resources Corporation during the first quarter valued at approximately $427,000. Swiss National Bank boosted its position in shares of California Resources Corporation by 8.1% in the first quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock valued at $1,020,000 after buying an additional 5,100 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of 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. Institutional investors own 70.23% 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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