California Resources (CRC) Bonds Rise 1.3% During Trading

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.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC bought a new position in shares of California Resources during the 4th quarter valued at approximately $454,000. Cyrus Capital Partners L.P. increased its position in shares of California Resources by 1.1% during the 4th quarter. Cyrus Capital Partners L.P. now owns 1,494,639 shares of the oil and gas producer’s stock valued at $29,055,000 after purchasing an additional 16,408 shares during the last quarter. PEAK6 Investments L.P. bought a new position in shares of California Resources during the 4th quarter valued at approximately $281,000. Millennium Management LLC bought a new position in shares of California Resources during the 4th quarter valued at approximately $724,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in shares of California Resources by 1,032.0% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 36,360 shares of the oil and gas producer’s stock valued at $707,000 after purchasing an additional 33,148 shares during the last quarter. 71.47% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: This article was originally published by Week Herald and is the property of of Week Herald. If you are reading this article on another publication, it was illegally stolen and republished in violation of United States & international copyright and trademark law. The correct version of this article can be read at https://weekherald.com/2018/02/24/california-resources-crc-bonds-rise-1-3-during-trading.html.

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).

Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply