An issue of California Resources Corp (NYSE:CRC) debt fell 2% as a percentage of its face value during trading on Thursday. 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 $87.50 and were trading at $90.00 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

CRC has been the subject of a number of recent research reports. Zacks Investment Research cut California Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. ValuEngine cut California Resources from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 11th. Finally, Evercore ISI initiated coverage on California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. California Resources currently has an average rating of “Buy” and an average price target of $39.75.

California Resources stock traded up $0.72 during mid-day trading on Friday, reaching $27.68. 3,090,555 shares of the company were exchanged, compared to its average volume of 1,723,888. California Resources Corp has a twelve month low of $13.26 and a twelve month high of $50.34. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -6.29 and a beta of 5.50.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.89. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The company had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. During the same period last year, the firm earned ($1.22) EPS. The firm’s revenue for the quarter was up 86.1% on a year-over-year basis. As a group, equities analysts predict that California Resources Corp will post 1.03 EPS for the current year.

In other California Resources news, Director Harold M. Korell bought 1,848 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was acquired at an average cost of $29.17 per share, with a total value of $53,906.16. Following the purchase, the director now owns 39,719 shares in the company, valued at approximately $1,158,603.23. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.31% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. WINTON GROUP Ltd raised its stake in shares of California Resources by 41.1% during the 3rd quarter. WINTON GROUP Ltd now owns 6,698 shares of the oil and gas producer’s stock worth $325,000 after buying an additional 1,952 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of California Resources by 76.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock worth $217,000 after buying an additional 2,061 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of California Resources by 27.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 9,806 shares of the oil and gas producer’s stock worth $446,000 after buying an additional 2,114 shares in the last quarter. Swiss National Bank raised its stake in shares of California Resources by 4.7% during the 2nd quarter. Swiss National Bank now owns 70,989 shares of the oil and gas producer’s stock worth $3,226,000 after buying an additional 3,200 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of California Resources by 5.9% during the 2nd quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after buying an additional 3,401 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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About California Resources (NYSE:CRC)

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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