California Resources Co. (NYSE:CRC) Short Interest Up 28.0% in March

California Resources Co. (NYSE:CRC) was the target of a significant increase in short interest during 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 trading volume of 1,020,000 shares, the short-interest ratio is currently 4.9 days. Approximately 6.7% of the shares of the company are short sold.

California Resources Trading Up 0.6 %

Shares of CRC traded up $0.25 during trading hours on Wednesday, hitting $45.56. 803,593 shares of the stock traded hands, compared to its average volume of 837,144. The business has a fifty day moving average of $46.05 and a 200-day moving average of $51.11. The firm has a market capitalization of $4.13 billion, a PE ratio of 7.17, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. California Resources has a 1-year low of $38.02 and a 1-year high of $60.41. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

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

California Resources Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on CRC. Truist Financial assumed coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Barclays dropped 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. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 target price on shares of California Resources in a research note on Thursday, March 27th. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.92.

Insider Transactions at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC increased its stake in shares of California Resources by 0.7% in the 4th quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer’s stock valued at $1,397,000 after acquiring an additional 196 shares during the last quarter. GAMMA Investing LLC increased its stake in 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 in the last quarter. Arizona State Retirement System raised its holdings in California Resources by 1.2% in the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer’s stock worth $944,000 after purchasing an additional 222 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of California Resources by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer’s stock worth $374,000 after purchasing an additional 228 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of California Resources by 3.5% in the 4th quarter. Mutual of America Capital Management LLC now owns 10,835 shares of the oil and gas producer’s stock valued at $562,000 after buying an additional 371 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.