Short Interest in California Resources Co. (NYSE:CRC) Increases By 28.0%

California Resources Co. (NYSE:CRC) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 4,980,000 shares, an increase of 28.0% from the February 28th total of 3,890,000 shares. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is presently 4.9 days. Currently, 6.7% of the company’s stock are short sold.

California Resources Stock Performance

NYSE CRC opened at $44.03 on Tuesday. The company has a 50-day simple moving average of $46.23 and a two-hundred day simple moving average of $51.15. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 12-month low of $38.02 and a 12-month high of $60.41. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 6.93, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. On average, equities analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.52%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is presently 37.71%.

Insider Transactions at California Resources

In other news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares in the company, valued at $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the last quarter. State Street Corp grew its stake in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after purchasing an additional 168,278 shares during the period. Citigroup Inc. increased its position in shares of California Resources by 24.7% during the 3rd quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock valued at $5,931,000 after purchasing an additional 22,405 shares during the last quarter. Entropy Technologies LP bought a new position in shares of California Resources in the 4th quarter worth approximately $841,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of California Resources by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock worth $38,350,000 after purchasing an additional 14,240 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of recent research reports. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Barclays decreased their price objective on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Truist Financial began coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 target price on shares of California Resources in a report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.92.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.