California Resources (CRC) Bonds Trading 1.5% Higher

An issue of California Resources Corp (NYSE:CRC) bonds rose 1.5% 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 debt is now trading at $81.50 and was trading at $78.81 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

A number of research firms have recently commented on CRC. ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Friday, April 6th. Zacks Investment Research raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, March 13th. Societe Generale cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Imperial Capital raised shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research note on Monday, February 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $23.42.

Shares of NYSE CRC opened at $22.26 on Friday. California Resources Corp has a 12-month low of $6.47 and a 12-month high of $25.06. The stock has a market cap of $924.97, a P/E ratio of -5.06 and a beta of 5.86. The company has a debt-to-equity ratio of -7.37, a current ratio of 0.66 and a quick ratio of 0.58.



California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $540.57 million. During the same period in the prior year, the company posted ($1.76) EPS. The firm’s revenue was up .7% on a year-over-year basis. equities analysts forecast that California Resources Corp will post -2.62 earnings per share for the current year.

In other news, Director Harry T. Mcmahon purchased 35,530 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was acquired at an average price of $14.18 per share, with a total value of $503,815.40. Following the purchase, the director now directly owns 48,773 shares in the company, valued at approximately $691,601.14. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.31% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of California Resources by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock valued at $1,604,000 after buying an additional 3,079 shares during the period. Barnett & Company Inc. grew its stake in shares of California Resources by 306.9% in the 4th quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock valued at $111,000 after buying an additional 4,300 shares during the period. Rhumbline Advisers grew its stake in shares of California Resources by 7.7% in the 3rd quarter. Rhumbline Advisers now owns 64,748 shares of the oil and gas producer’s stock valued at $677,000 after buying an additional 4,625 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of California Resources by 9.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 95,941 shares of the oil and gas producer’s stock valued at $1,865,000 after buying an additional 8,515 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of California Resources by 74.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 23,761 shares of the oil and gas producer’s stock valued at $462,000 after buying an additional 10,138 shares during the period. 73.90% of the stock is owned by institutional investors and hedge funds.

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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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