California Resources (CRC) Bonds Rise 2.1% During Trading
An issue of California Resources Corp (NYSE:CRC) bonds rose 2.1% as a percentage of their face value during trading on Wednesday. The debt issue has a 8% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $81.00 and were trading at $83.44 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several equities analysts have weighed in on CRC shares. Morgan Stanley raised their target price on shares of California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Wednesday, October 18th. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 target price for the company in a report on Wednesday, October 18th. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Imperial Capital raised their target price on shares of California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a report on Wednesday, November 8th. Finally, Bank of America upgraded shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 target price for the company in a report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $23.42.
California Resources Corp (CRC) traded up $0.64 during trading on Wednesday, hitting $18.95. 1,165,297 shares of the company’s stock traded hands, compared to its average volume of 1,636,695. California Resources Corp has a one year low of $6.47 and a one year high of $25.06. The firm has a market cap of $803.35, a PE ratio of -3.91 and a beta of 6.16. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53.
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California Resources 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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