California Resources Corporation (CRC) Bonds Drop 1.5% During Trading

An issue of California Resources Corporation (NYSE:CRC) debt fell 1.5% against its face value during trading on Monday. The high-yield issue of debt has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $62.75 and was trading at $65.25 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.

A number of equities research analysts recently issued reports on the stock. BidaskClub cut 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 cut shares of California Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Imperial Capital initiated coverage on shares of California Resources Corporation in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources Corporation in a research note on Saturday, September 16th. Finally, ValuEngine raised shares of California Resources Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has an average rating of “Hold” and an average price target of $14.33.

Shares of California Resources Corporation (NYSE CRC) traded up 2.04% during midday trading on Monday, reaching $10.48. 716,984 shares of the company’s stock traded hands. The stock’s 50 day moving average is $8.71 and its 200-day moving average is $10.15. The company has a market capitalization of $448.25 million, a PE ratio of 0.94 and a beta of 6.34. California Resources Corporation has a 52 week low of $6.47 and a 52 week high of $23.42.

California Resources Corporation (NYSE:CRC) last posted its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The business had revenue of $516.00 million during the quarter, compared to the consensus estimate of $450.17 million. The business’s revenue was up 62.8% compared to the same quarter last year. During the same quarter last year, the business earned ($1.80) earnings per share. On average, analysts forecast that California Resources Corporation will post ($5.85) earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Commerzbank Aktiengesellschaft FI grew its holdings in California Resources Corporation by 8.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock valued at $1,845,000 after purchasing an additional 17,333 shares during the last quarter. Swiss National Bank grew its holdings in 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 purchasing an additional 5,100 shares during the last quarter. State Street Corp grew its holdings in California Resources Corporation by 5.7% in the first quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after purchasing an additional 156,817 shares during the last quarter. GRT Capital Partners L.L.C. grew its holdings in California Resources Corporation by 9.0% in the second quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock valued at $5,019,000 after purchasing an additional 48,541 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shar

A number of equities research analysts recently issued reports on the stock. BidaskClub cut 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 cut shares of California Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Imperial Capital initiated coverage on shares of California Resources Corporation in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources Corporation in a research note on Saturday, September 16th. Finally, ValuEngine raised shares of California Resources Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has an average rating of “Hold” and an average price target of $14.33.

Shares of California Resources Corporation (NYSE CRC) traded up 2.04% during midday trading on Monday, reaching $10.48. 716,984 shares of the company’s stock traded hands. The stock’s 50 day moving average is $8.71 and its 200-day moving average is $10.15. The company has a market capitalization of $448.25 million, a PE ratio of 0.94 and a beta of 6.34. California Resources Corporation has a 52 week low of $6.47 and a 52 week high of $23.42.

California Resources Corporation (NYSE:CRC) last posted its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The business had revenue of $516.00 million during the quarter, compared to the consensus estimate of $450.17 million. The business’s revenue was up 62.8% compared to the same quarter last year. During the same quarter last year, the business earned ($1.80) earnings per share. On average, analysts forecast that California Resources Corporation will post ($5.85) earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Commerzbank Aktiengesellschaft FI grew its holdings in California Resources Corporation by 8.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock valued at $1,845,000 after purchasing an additional 17,333 shares during the last quarter. Swiss National Bank grew its holdings in 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 purchasing an additional 5,100 shares during the last quarter. State Street Corp grew its holdings in California Resources Corporation by 5.7% in the first quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after purchasing an additional 156,817 shares during the last quarter. GRT Capital Partners L.L.C. grew its holdings in California Resources Corporation by 9.0% in the second quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock valued at $5,019,000 after purchasing an additional 48,541 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings 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 purchasing an additional 1,356 shares during the last quarter. 74.80% of the stock is currently owned by institutional investors.

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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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