An issue of California Resources Corp (NYSE:CRC) bonds rose 1.3% against their face value during trading on Thursday. The debt issue has a 8% coupon and is set to mature on December 15, 2022. The bonds in the issue are now trading at $80.50 and were trading at $81.00 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Several analysts have recently issued reports on the company. Imperial Capital raised California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price objective on the stock in a report on Monday, February 12th. Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Zacks Investment Research cut California Resources from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Bank of America raised California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Thursday, January 4th. Finally, Goldman Sachs Group raised California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective on the stock in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $23.42.
California Resources Corp (NYSE CRC) traded up $0.84 during midday trading on Friday, hitting $20.23. The stock had a trading volume of 1,359,899 shares, compared to its average volume of 1,520,000. The company has a market cap of $867.22, a P/E ratio of -4.05 and a beta of 6.26. 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 Corp has a 52-week low of $6.47 and a 52-week high of $25.06.
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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