California Resources Corp. (CRC) Bond Prices Fall 1%
An issue of California Resources Corp. (NYSE:CRC) debt fell 1% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $72.25 and were trading at $66.63 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.
Separately, Zacks Investment Research upgraded California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.67.
California Resources Corp. (NYSE:CRC) opened at 11.67 on Tuesday. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50. The stock’s 50 day moving average price is $10.91 and its 200-day moving average price is $13.49. The firm’s market capitalization is $479.64 million.
California Resources Corp. (NYSE:CRC) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.49) by $0.31. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The business earned $317 million during the quarter, compared to the consensus estimate of $437.47 million. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. On average, equities research analysts expect that California Resources Corp. will post ($6.72) EPS for the current fiscal year.
Large investors have recently made changes to their positions in the company. Coastland Capital LLC increased its stake 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 during the period. JPMorgan Chase & Co. increased 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 worth $3,007,000 after buying an additional 2,679,640 shares during the last quarter. Legal & General Group Plc increased its position in 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 worth $1,841,000 after buying an additional 586,006 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in 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 worth $1,505,000 after buying an additional 807,798 shares during the last quarter. Finally, Pine River Capital Management L.P. increased its position in California Resources Corp. by 99.8% in the second quarter. Pine River Capital Management L.P. now owns 956,301 shares of the company’s stock worth $11,667,000 after buying an additional 477,601 shares during the last quarter. Institutional investors own 66.07% of the company’s stock.
California Resources Corp. Company Profile
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).
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