California Resources (CRC) Bonds Trading 0.7% Higher

An issue of California Resources Corp (NYSE:CRC) bonds rose 0.7% 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 $79.16 and were trading at $77.00 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

CRC has been the subject of several recent research reports. Zacks Investment Research cut California Resources from a “buy” rating to a “hold” rating in a research note on Monday, December 18th. Imperial Capital lifted their price objective on California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a research note on Wednesday, November 8th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Morgan Stanley upgraded California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research note on Tuesday, November 7th. Finally, ValuEngine cut California Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, October 6th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. California Resources has an average rating of “Hold” and an average target price of $14.25.

Shares of California Resources Corp (NYSE CRC) opened at $18.01 on Thursday. The company has a debt-to-equity ratio of -8.78, a quick ratio of 0.53 and a current ratio of 0.61. California Resources Corp has a 12-month low of $6.47 and a 12-month high of $23.42. The firm has a market capitalization of $769.05, a PE ratio of -3.60 and a beta of 6.62.

California Resources (NYSE:CRC) last issued its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, topping the consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million for the quarter, compared to analyst estimates of $476.87 million. During the same period last year, the business posted ($1.75) EPS. California Resources’s revenue was down .2% on a year-over-year basis. research analysts forecast that California Resources Corp will post -4.67 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Adams Asset Advisors LLC acquired a new position in California Resources during the third quarter worth approximately $2,060,000. Commerzbank Aktiengesellschaft FI increased its holdings in shares of California Resources 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 period. Janus Henderson Group PLC increased its holdings in shares of California Resources by 7.6% in the second quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock valued at $6,421,000 after purchasing an additional 52,748 shares during the period. GRT Capital Partners L.L.C. increased its holdings in shares of California Resources 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 period. Finally, State Street Corp increased its holdings in shares of California Resources by 23.1% in the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after purchasing an additional 672,825 shares during the period. 75.22% of the stock is currently owned by institutional investors.

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California Resources 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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