California Resources Co. (NYSE:CRC) Sees Significant Decrease in Short Interest

California Resources Co. (NYSE:CRC) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 5,810,000 shares, a drop of 5.7% from the September 30th total of 6,160,000 shares. Based on an average trading volume of 758,900 shares, the days-to-cover ratio is currently 7.7 days. Currently, 7.9% of the shares of the stock are sold short.

California Resources Price Performance

Shares of California Resources stock opened at $51.93 on Friday. The company’s fifty day simple moving average is $51.75 and its two-hundred day simple moving average is $50.74. California Resources has a 12-month low of $43.09 and a 12-month high of $57.88. The firm has a market cap of $3.52 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 1.29 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s revenue for the quarter was down 13.0% on a year-over-year basis. As a group, equities analysts expect that California Resources will post 3.45 EPS for the current year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.3875 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a yield of 2.98%. California Resources’s dividend payout ratio (DPR) is presently 68.89%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRC shares. Citigroup increased their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen initiated coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Barclays boosted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Insider Activity

In related news, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This trade represents a 500.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Christian S. Kendall purchased 20,895 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRC. Lazard Asset Management LLC boosted its stake in shares of California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after purchasing an additional 253 shares in the last quarter. Farther Finance Advisors LLC boosted its position in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after acquiring an additional 276 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares during the period. Louisiana State Employees Retirement System raised its position in shares of California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after acquiring an additional 400 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of California Resources by 3.1% in the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock valued at $1,071,000 after purchasing an additional 605 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.