California Resources Co. (NYSE:CRC) Short Interest Update

California Resources Co. (NYSE:CRCGet Free Report) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 5,570,000 shares, a growth of 7.9% from the February 29th total of 5,160,000 shares. Based on an average daily volume of 949,000 shares, the days-to-cover ratio is currently 5.9 days. Currently, 9.6% of the company’s shares are sold short.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. Exchange Traded Concepts LLC increased its holdings in shares of California Resources by 1.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer’s stock valued at $787,000 after purchasing an additional 205 shares during the period. Public Employees Retirement System of Ohio raised its position in California Resources by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock worth $2,467,000 after buying an additional 242 shares during the last quarter. Assetmark Inc. lifted its stake in California Resources by 16.3% during the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock valued at $141,000 after acquiring an additional 353 shares during the period. Franklin Resources Inc. boosted its holdings in shares of California Resources by 7.4% in the 1st quarter. Franklin Resources Inc. now owns 6,471 shares of the oil and gas producer’s stock valued at $249,000 after acquiring an additional 444 shares during the last quarter. Finally, Captrust Financial Advisors increased its stake in shares of California Resources by 69.1% in the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 594 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America lowered shares of California Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Mizuho dropped their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Stifel Nicolaus cut their price objective on shares of California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

View Our Latest Stock Report on California Resources

California Resources Stock Up 0.5 %

CRC traded up $0.26 during trading on Wednesday, hitting $53.54. The stock had a trading volume of 204,484 shares, compared to its average volume of 972,233. The stock has a 50 day simple moving average of $52.59 and a two-hundred day simple moving average of $52.76. The company has a market capitalization of $3.68 billion, a PE ratio of 6.90 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources has a twelve month low of $37.21 and a twelve month high of $58.44.

California Resources (NYSE:CRCGet Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The business had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. California Resources’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.24 EPS. On average, research analysts predict that California Resources will post 4.57 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Tuesday, March 5th. California Resources’s dividend payout ratio (DPR) is presently 16.06%.

California Resources Company Profile

(Get Free Report)

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.

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