An issue of California Resources Corp. (NYSE:CRC) bonds fell 1% against their face value during trading on Friday. The high-yield issue of debt has a 8% coupon and is set to mature on December 15, 2022. The bonds in the issue are now trading at $72.25 and were trading at $66.63 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

Separately, Zacks Investment Research lowered California Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $31.67.

Shares of California Resources Corp. (NYSE:CRC) traded down 6.40% on Friday, reaching $10.97. The company’s stock had a trading volume of 1,742,936 shares. The company’s market cap is $450.87 million. California Resources Corp. has a 52-week low of $2.81 and a 52-week high of $51.50. The company has a 50 day moving average price of $10.95 and a 200 day moving average price of $13.49.

California Resources Corp. (NYSE:CRC) last announced its quarterly earnings data 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 earned $317 million during 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 company’s revenue for the quarter was down 50.4% on a year-over-year basis. On average, analysts anticipate that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. raised 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 valued at $102,000 after buying an additional 98,322 shares in the last quarter. Franklin Resources Inc. raised its position 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 in the last quarter. Fort Washington Investment Advisors Inc OH bought a new position in California Resources Corp. during the second quarter valued at about $127,000. Societe Generale bought a new position in California Resources Corp. during the second quarter valued at about $156,000. Finally, Virginia Retirement Systems ET AL bought a new position in California Resources Corp. during the second quarter valued at about $166,000. Institutional investors and hedge funds 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).

5 Day Chart for NYSE:CRC

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