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

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

California Resources Stock Up 0.6 %

CRC traded up $0.25 during trading on Wednesday, reaching $45.56. 803,593 shares of the stock traded hands, compared to its average volume of 837,144. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The stock’s 50-day simple moving average is $46.05 and its two-hundred day simple moving average is $51.11. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

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

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s payout ratio is presently 37.71%.

Insider Buying and Selling

In related news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

A number of large investors have recently bought and sold shares of CRC. R Squared Ltd acquired a new stake in shares of California Resources in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC boosted its position in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC grew its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 454 shares during the last quarter. GAMMA Investing LLC raised its position in shares of California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 222 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in shares of California Resources in the third quarter worth $70,000. 97.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

About California Resources

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.