California Resources (CRC) Debt Trading 1.9% Higher

An issue of California Resources Corp (NYSE:CRC) debt rose 1.9% against its face value during trading on Wednesday. The high-yield debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $81.00 and were trading at $77.75 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.

Several research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a report on Tuesday, November 7th. ValuEngine upgraded shares of California Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Thursday, November 9th. Finally, Imperial Capital increased their price objective on shares of California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a report on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.25.

Shares of California Resources Corp (CRC) opened at $18.91 on Friday. California Resources Corp has a one year low of $6.47 and a one year high of $23.42. The company has a market cap of $772.05, a P/E ratio of -3.90 and a beta of 6.52. The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78.

California Resources (NYSE:CRC) last released its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, beating 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 in the prior year, the company earned ($1.75) earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. equities analysts predict that California Resources Corp will post -4.67 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. acquired a new stake in California Resources during the third quarter valued at approximately $117,000. Raymond James Financial Services Advisors Inc. lifted its stake in California Resources by 5.8% during 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 purchasing an additional 743 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in California Resources during the third quarter valued at approximately $164,000. Bayesian Capital Management LP acquired a new stake in California Resources during the second quarter valued at approximately $141,000. Finally, BlueCrest Capital Management Ltd lifted its stake in California Resources by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 2,509 shares during the last quarter. 75.22% of the stock is owned by institutional investors and hedge funds.

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About California Resources

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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