An issue of California Resources Corp. (NYSE:CRC) bonds fell 0.6% against their face value during trading on Friday. The high-yield debt issue has a 8% coupon and is set to mature on December 15, 2022. The debt is now trading at $71.86 and was trading at $73.25 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Separately, Zacks Investment Research cut shares of 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 assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $31.67.
Shares of California Resources Corp. (NYSE:CRC) opened at 11.20 on Friday. The stock’s 50 day moving average is $10.96 and its 200 day moving average is $13.44. California Resources Corp. has a 12 month low of $2.81 and a 12 month high of $51.50. The stock’s market capitalization is $460.32 million.
California Resources Corp. (NYSE:CRC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.49) by $0.31. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The firm earned $317 million during the quarter, compared to analysts’ expectations of $437.47 million. The firm’s revenue for the quarter was down 50.4% compared to the same quarter last year. Analysts anticipate that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock worth $107,000 after buying an additional 86,991 shares during the last quarter. BlackRock Inc. boosted its position in California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock worth $320,000 after buying an additional 45,694 shares during the last quarter. JPMorgan Chase & Co. boosted 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. Bessemer Group Inc. boosted its position in California Resources Corp. by 9,734.9% in the first quarter. Bessemer Group Inc. now owns 99,332 shares of the company’s stock worth $102,000 after buying an additional 98,322 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted 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. 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).
Receive News & Ratings for California Resources Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources Corp. and related companies with MarketBeat.com's FREE daily email newsletter.