An issue of California Resources Corporation (NYSE:CRC) debt rose 1.1% against its face value during trading on Wednesday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $74.06 and was trading at $69.75 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded California Resources Corporation from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Thursday, November 9th. Imperial Capital upped their target price on California Resources Corporation from $12.00 to $18.00 and gave the company an “in-line” rating in a report on Wednesday, November 8th. Societe Generale upgraded California Resources Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Morgan Stanley upgraded California Resources Corporation from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a report on Tuesday, November 7th. Finally, ValuEngine downgraded California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, October 6th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $14.25.

Shares of California Resources Corporation (CRC) traded up $0.47 on Wednesday, hitting $14.99. The stock had a trading volume of 2,089,365 shares, compared to its average volume of 1,786,791. California Resources Corporation has a one year low of $6.47 and a one year high of $23.42. The company has a debt-to-equity ratio of -8.78, a quick ratio of 0.53 and a current ratio of 0.61.

California Resources Corporation (NYSE:CRC) last issued its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. California Resources Corporation’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.75) EPS. sell-side analysts expect that California Resources Corporation will post -4.72 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Adams Asset Advisors LLC bought a new stake in shares of California Resources Corporation in the 3rd quarter valued at approximately $2,060,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of California Resources Corporation by 8.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock valued at $1,845,000 after buying an additional 17,333 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of California Resources Corporation by 7.6% in the 2nd quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock valued at $6,421,000 after buying an additional 52,748 shares in the last quarter. State Street Corp grew its stake in shares of California Resources Corporation by 5.7% in the 1st quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after buying an additional 156,817 shares in the last quarter. Finally, GRT Capital Partners L.L.C. grew its stake in shares of California Resources Corporation by 9.0% in the 2nd quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock valued at $5,019,000 after buying an additional 48,541 shares in the last quarter. 74.40% of the stock is owned by institutional investors and hedge funds.

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About California Resources Corporation

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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