An issue of California Resources Corp (NYSE:CRC) bonds fell 1% as a percentage of their face value during trading on Tuesday. The debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $78.75 and were trading at $79.00 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.
CRC has been the subject of several recent research reports. Zacks Investment Research lowered California Resources from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Imperial Capital upgraded California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a report on Monday, February 12th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating and increased their price objective for the stock from $17.91 to $25.00 in a report on Friday, February 9th. Goldman Sachs Group upgraded California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective for the company in a report on Thursday, February 1st. Finally, ValuEngine lowered California Resources from a “sell” rating to a “strong sell” rating in a report on Wednesday, February 28th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $23.42.
California Resources Corp (NYSE CRC) traded down $0.13 during midday trading on Tuesday, reaching $14.31. The company’s stock had a trading volume of 1,270,000 shares, compared to its average volume of 1,840,000. California Resources Corp has a one year low of $6.47 and a one year high of $25.06. The company has a current ratio of 0.66, a quick ratio of 0.58 and a debt-to-equity ratio of -7.37. The company has a market capitalization of $612.17, a price-to-earnings ratio of -2.28 and a beta of 6.34.
In other California Resources news, Director Harry T. Mcmahon purchased 35,530 shares of the stock in a transaction dated Thursday, March 1st. The shares were bought at an average cost of $14.18 per share, with a total value of $503,815.40. Following the completion of the transaction, the director now owns 48,773 shares in the company, valued at approximately $691,601.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.91% of the company’s stock.
Large investors have recently modified their holdings of the company. Barnett & Company Inc. grew its position in California Resources by 306.9% during the fourth quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock worth $111,000 after buying an additional 4,300 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in California Resources by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 743 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in California Resources during the third quarter valued at approximately $117,000. Voya Investment Management LLC boosted its holdings in California Resources by 41.6% during the second quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock valued at $164,000 after purchasing an additional 5,631 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in California Resources during the third quarter valued at approximately $164,000. 75.11% of the stock is currently owned by institutional investors.
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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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