California Resources Corporation (CRC) Debt Trading 1.8% Higher

An issue of California Resources Corporation (NYSE:CRC) bonds rose 1.8% as a percentage of 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 bonds in the issue are now trading at $69.50 and were trading at $74.00 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.

Shares of California Resources Corporation (NYSE CRC) traded up 0.88% during midday trading on Friday, reaching $10.36. The company’s stock had a trading volume of 1,638,686 shares. The stock’s 50-day moving average is $11.67 and its 200-day moving average is $16.08. The company has a market capitalization of $441.25 million, a P/E ratio of 1.14 and a beta of 6.28. California Resources Corporation has a one year low of $8.79 and a one year high of $23.42.

California Resources Corporation (NYSE:CRC) last announced its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported ($1.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.23. The business had revenue of $590 million for the quarter, compared to analysts’ expectations of $486.15 million. The firm’s revenue for the quarter was up 83.2% on a year-over-year basis. On average, equities analysts expect that California Resources Corporation will post ($3.49) earnings per share for the current fiscal year.

In other news, Director Justin A. Gannon acquired 2,000 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were purchased at an average price of $13.60 per share, for a total transaction of $27,200.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.91% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. UBS Oconnor LLC increased its stake in shares of California Resources Corporation by 120.3% in the first quarter. UBS Oconnor LLC now owns 244,006 shares of the oil and gas producer’s stock worth $3,670,000 after buying an additional 133,242 shares in the last quarter. Restructuring Capital Associates LP boosted its position in California Resources Corporation by 67.6% in the first quarter. Restructuring Capital Associates LP now owns 251,469 shares of the oil and gas producer’s stock valued at $3,782,000 after buying an additional 101,469 shares during the period. Credit Suisse AG boosted its position in California Resources Corporation by 15.1% in the first quarter. Credit Suisse AG now owns 72,690 shares of the oil and gas producer’s stock valued at $1,093,000 after buying an additional 9,554 shares during the period. AQR Capital Management LLC boosted its position in California Resources Corporation by 5.6% in the first quarter. AQR Capital Management LLC now owns 311,959 shares of the oil and gas producer’s stock valued at $4,691,000 after buying an additional 16,645 shares during the period. Finally, BlueCrest Capital Management Ltd purchased a new position in California Resources Corporation during the first quarter valued at approximately $215,000. 69.97% of the stock is owned by institutional investors and hedge funds.

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California Resources Corporation 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 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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