An issue of California Resources Corp (NYSE:CRC) bonds rose 1.9% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The debt is now trading at $76.25 and was trading at $74.06 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

CRC has been the topic of several research reports. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Imperial Capital upped their price target on shares of California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a research report on Wednesday, November 8th. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, October 6th. Finally, Morgan Stanley upgraded shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. California Resources presently has an average rating of “Hold” and an average price target of $14.25.

Shares of California Resources Corp (NYSE CRC) opened at $17.45 on Friday. 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 Corp has a 52-week low of $6.47 and a 52-week high of $23.42.

California Resources (NYSE:CRC) last announced its quarterly 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 firm had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. The business’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.75) earnings per share. research analysts forecast that California Resources Corp will post -4.67 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of California Resources by 23.1% in the 2nd quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after acquiring an additional 672,825 shares during the period. Vanguard Group Inc. raised its position in shares of California Resources by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock valued at $15,803,000 after acquiring an additional 84,072 shares during the period. Mackenzie Financial Corp raised its position in shares of California Resources by 2.9% in the 3rd quarter. Mackenzie Financial Corp now owns 1,742,000 shares of the oil and gas producer’s stock valued at $18,221,000 after acquiring an additional 49,500 shares during the period. Restructuring Capital Associates LP raised its position in shares of California Resources by 39.5% in the 3rd quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock valued at $18,105,000 after acquiring an additional 490,408 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of California Resources by 193.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after acquiring an additional 727,264 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

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About California Resources

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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