California Resources Corp. (CRC) Bonds Trading 1.3% Higher
An issue of California Resources Corp. (NYSE:CRC) bonds rose 1.3% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $73.50 and were trading at $67.50 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
Separately, Zacks Investment Research upgraded California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. California Resources Corp. presently has an average rating of “Hold” and an average target price of $31.67.
Shares of California Resources Corp. (NYSE:CRC) opened at 11.25 on Thursday. The firm has a 50-day moving average price of $10.93 and a 200-day moving average price of $13.46. The firm’s market capitalization is $462.38 million. California Resources Corp. has a 52-week low of $2.81 and a 52-week high of $51.50.
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California Resources Corp. (NYSE:CRC) last released its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by $0.31. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The company had revenue of $317 million for the quarter, compared to the consensus estimate of $437.47 million. California Resources Corp.’s quarterly revenue was down 50.4% compared to the same quarter last year. On average, equities research analysts anticipate that California Resources Corp. will post ($6.72) EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock valued at $107,000 after buying an additional 86,991 shares during the period. BlackRock Inc. boosted its stake in California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock valued at $320,000 after buying an additional 45,694 shares during the period. JPMorgan Chase & Co. boosted its stake 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 valued at $3,007,000 after buying an additional 2,679,640 shares during the period. Bessemer Group Inc. boosted its stake 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 valued at $102,000 after buying an additional 98,322 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake 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 valued at $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.
About California Resources Corp.
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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