California Resources Corp. (CRC) Debt Trading 1% Lower
An issue of California Resources Corp. (NYSE:CRC) debt fell 1% as a percentage of its face value during trading on Tuesday. The high-yield issue of debt has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $72.25 and was trading at $66.63 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
Separately, Zacks Investment Research raised California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. California Resources Corp. has a consensus rating of “Hold” and an average target price of $31.67.
California Resources Corp. (NYSE:CRC) opened at 11.96 on Wednesday. The firm’s 50-day moving average price is $10.94 and its 200-day moving average price is $13.48. California Resources Corp. has a 12 month low of $2.81 and a 12 month high of $51.50. The firm’s market cap is $491.56 million.
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California Resources Corp. (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.49) by $0.31. The firm had revenue of $317 million for the quarter, compared to the consensus estimate of $437.47 million. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The firm’s quarterly revenue was down 50.4% compared to the same quarter last year. On average, equities research analysts expect that California Resources Corp. will post ($6.72) EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in shares of California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock worth $107,000 after buying an additional 86,991 shares during the period. BlackRock Inc. boosted its stake in shares of California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock worth $320,000 after buying an additional 45,694 shares during the period. JPMorgan Chase & Co. boosted its position in California Resources Corp. by 1,122.9% in the first quarter. JPMorgan Chase & Co. now owns 2,918,282 shares of the company’s stock worth $3,007,000 after buying an additional 2,679,640 shares during the period. Bessemer Group Inc. boosted its position in California Resources Corp. by 9,734.9% in the first quarter. Bessemer Group Inc. now owns 99,332 shares of the company’s stock worth $102,000 after buying an additional 98,322 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in California Resources Corp. by 123.6% in the first quarter. UBS Asset Management Americas Inc. now owns 1,461,560 shares of the company’s stock worth $1,505,000 after buying an additional 807,798 shares during the period. 66.07% of the stock is currently owned by institutional investors and hedge funds.
California Resources Corp. 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 produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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