An issue of California Resources Corp. (NYSE:CRC) bonds rose 1.3% against their face value during trading on Wednesday. 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 $73.50 and were trading at $67.50 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

Separately, Zacks Investment Research cut California Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. California Resources Corp. has a consensus rating of “Hold” and a consensus price target of $31.67.

California Resources Corp. (NYSE:CRC) opened at 11.25 on Thursday. The stock’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. The stock’s 50 day moving average price is $10.93 and its 200-day moving average price is $13.46.

California Resources Corp. (NYSE:CRC) last posted its 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. The company 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 revenue was down 50.4% compared to the same quarter last year. Equities research analysts expect that California Resources Corp. will post ($6.72) earnings per share for the current year.

Several institutional investors have recently bought and sold shares of CRC. JPMorgan Chase & Co. raised 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 valued at $3,007,000 after buying an additional 2,679,640 shares during the period. Coastland Capital LLC increased its position in shares of California Resources Corp. by 67.7% in the first quarter. Coastland Capital LLC now owns 5,040,970 shares of the company’s stock valued at $5,192,000 after buying an additional 2,035,804 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of 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 in the last quarter. Squarepoint Ops LLC increased its position in shares of California Resources Corp. by 823.2% in the first quarter. Squarepoint Ops LLC now owns 676,752 shares of the company’s stock valued at $697,000 after buying an additional 603,447 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of California Resources Corp. by 48.9% in the first quarter. Legal & General Group Plc now owns 1,783,868 shares of the company’s stock valued at $1,841,000 after buying an additional 586,006 shares in the last quarter. 66.07% of the stock is owned by 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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