California Resources Corp. (CRC) Bonds Rise 3.8% During Trading
An issue of California Resources Corp. (NYSE:CRC) debt rose 3.8% against its face value during trading on Thursday. The debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $73.00 and were trading at $66.50 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
Separately, Zacks Investment Research lowered shares of California Resources Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. California Resources Corp. currently has a consensus rating of “Hold” and a consensus price target of $31.67.
California Resources Corp. (NYSE:CRC) opened at 11.72 on Friday. California Resources Corp. has a 12-month low of $2.81 and a 12-month high of $51.50. The stock’s market capitalization is $481.69 million. The stock’s 50 day moving average is $11.02 and its 200 day moving average is $13.52.
California Resources Corp. (NYSE:CRC) last announced its earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.49) by $0.31. The business had revenue of $317 million for the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was down 50.4% on a year-over-year basis. Equities analysts predict that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of 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 last quarter. Geode Capital Management LLC increased its position in shares of California Resources Corp. by 45.8% in the first quarter. Geode Capital Management LLC now owns 2,703,080 shares of the company’s stock valued at $2,783,000 after buying an additional 849,055 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of California Resources Corp. during the second quarter valued at approximately $1,221,000. BlackRock Inc. increased its position 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 valued at $320,000 after buying an additional 45,694 shares during the last quarter. Finally, Princeton Alpha Management LP purchased a new position in shares of California Resources Corp. during the second quarter valued at approximately $180,000. Institutional investors own 66.07% of the company’s stock.
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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