California Resources (CRC) Bond Prices Fall 2.6%

An issue of California Resources Corp (NYSE:CRC) bonds fell 2.6% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $79.25 and was trading at $83.50 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price.

Several equities research analysts have recently issued reports on CRC shares. ValuEngine downgraded shares of California Resources from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 11th. Zacks Investment Research downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Evercore ISI started coverage on shares of California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 price objective for the company. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, TheStreet raised shares of California Resources from a “d” rating to a “c-” rating in a research report on Thursday, November 15th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $39.75.

CRC traded down $1.84 during trading hours on Friday, hitting $23.26. 2,494,257 shares of the company’s stock were exchanged, compared to its average volume of 1,978,963. California Resources Corp has a 1-year low of $13.26 and a 1-year high of $50.34. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -5.29 and a beta of 5.50.

California Resources (NYSE:CRC) last announced its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.89. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. The business had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. During the same quarter in the prior year, the company posted ($1.22) earnings per share. The firm’s revenue was up 86.1% on a year-over-year basis. On average, equities research analysts predict that California Resources Corp will post 1.03 EPS for the current year.

In other California Resources news, Director Harold M. Korell bought 4,736 shares of California Resources stock in a transaction that occurred on Tuesday, November 20th. The stock was acquired at an average price of $21.11 per share, for a total transaction of $99,976.96. Following the completion of the acquisition, the director now owns 44,455 shares of the company’s stock, valued at approximately $938,445.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harold M. Korell bought 1,848 shares of California Resources stock in a transaction that occurred on Tuesday, November 6th. The shares were acquired at an average price of $29.17 per share, with a total value of $53,906.16. Following the acquisition, the director now directly owns 39,719 shares of the company’s stock, valued at approximately $1,158,603.23. The disclosure for this purchase can be found here. Corporate insiders own 1.31% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd boosted its holdings in California Resources by 41.1% during the third quarter. WINTON GROUP Ltd now owns 6,698 shares of the oil and gas producer’s stock worth $325,000 after purchasing an additional 1,952 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in California Resources by 76.1% in the second quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock valued at $217,000 after acquiring an additional 2,061 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in California Resources by 27.5% in the second quarter. Cubist Systematic Strategies LLC now owns 9,806 shares of the oil and gas producer’s stock valued at $446,000 after acquiring an additional 2,114 shares during the last quarter. Swiss National Bank lifted its stake in California Resources by 4.7% in the second quarter. Swiss National Bank now owns 70,989 shares of the oil and gas producer’s stock valued at $3,226,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in California Resources by 5.9% in the second quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock valued at $2,762,000 after acquiring an additional 3,401 shares during the last quarter. Institutional investors and hedge funds own 71.46% of the company’s stock.

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About California Resources (NYSE:CRC)

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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