An issue of California Resources Corp. (NYSE:CRC) bonds fell 1% against their face value during trading on Tuesday. The high-yield debt issue has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $72.25 and was trading at $66.63 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

Separately, Zacks Investment Research downgraded California Resources Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.67.

Shares of California Resources Corp. (NYSE:CRC) opened at 11.96 on Wednesday. The company’s market cap is $491.56 million. California Resources Corp. has a 12 month low of $2.81 and a 12 month high of $51.50. The firm has a 50 day moving average price of $10.94 and a 200-day moving average price of $13.48.

California Resources Corp. (NYSE:CRC) last released its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (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 firm earned $317 million during the quarter, compared to analyst estimates of $437.47 million. California Resources Corp.’s revenue for the quarter was down 50.4% on a year-over-year basis. Analysts anticipate that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in CRC. JPMorgan Chase & Co. increased 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 in the last quarter. Venturi Wealth Management LLC bought a new stake in California Resources Corp. during the second quarter worth about $1,221,000. BlackRock Inc. increased 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 worth $320,000 after buying an additional 45,694 shares in the last quarter. Princeton Alpha Management LP bought a new stake in California Resources Corp. during the second quarter worth about $180,000. Finally, Coastland Capital LLC increased its stake in California Resources Corp. by 67.7% in the first quarter. Coastland Capital LLC now owns 5,040,970 shares of the company’s stock worth $5,192,000 after buying an additional 2,035,804 shares in the last quarter. 66.07% of the stock is currently owned by hedge funds and other institutional investors.

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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