California Resources Co. (NYSE:CRC) Sees Large Drop in Short Interest

California Resources Co. (NYSE:CRCGet Free Report) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 2,930,000 shares, a decrease of 11.5% from the November 15th total of 3,310,000 shares. Currently, 3.9% of the company’s stock are short sold. Based on an average trading volume of 683,200 shares, the days-to-cover ratio is currently 4.3 days.

Insider Buying and Selling

In other news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by insiders.

Institutional Investors Weigh In On California Resources

Large investors have recently made changes to their positions in the business. Tidal Investments LLC raised its position in shares of California Resources by 475.8% in the 3rd quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock worth $1,586,000 after acquiring an additional 24,981 shares in the last quarter. Geode Capital Management LLC grew its stake in California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after purchasing an additional 55,815 shares during the period. MML Investors Services LLC raised its holdings in California Resources by 33.6% in the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock worth $377,000 after purchasing an additional 1,808 shares in the last quarter. iA Global Asset Management Inc. lifted its position in California Resources by 30.6% during the third quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock valued at $256,000 after buying an additional 1,140 shares during the period. Finally, Weiss Asset Management LP bought a new stake in shares of California Resources during the 3rd quarter valued at $28,043,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

Shares of NYSE CRC traded down $0.52 during mid-day trading on Tuesday, reaching $53.29. 694,318 shares of the company were exchanged, compared to its average volume of 826,472. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41. The company’s 50 day moving average price is $55.11 and its 200 day moving average price is $52.08. The stock has a market capitalization of $4.87 billion, a PE ratio of 8.39, a PEG ratio of 1.35 and a beta of 1.01. 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 (NYSE:CRCGet Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s quarterly revenue was up 194.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS. Sell-side analysts forecast that California Resources will post 3.58 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.3875 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.91%. California Resources’s dividend payout ratio is currently 24.41%.

Wall Street Analyst Weigh In

CRC has been the topic of a number of analyst reports. UBS Group initiated coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen boosted their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Jefferies Financial Group assumed coverage on California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus target price of $66.40.

Read Our Latest Stock Analysis on CRC

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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