California Resources Co. (NYSE:CRC) Short Interest Up 9.9% in December

California Resources Co. (NYSE:CRC - Get Free Report) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totalling 3,220,000 shares, an increase of 9.9% from the November 30th total of 2,930,000 shares. Based on an average trading volume of 688,700 shares, the days-to-cover ratio is presently 4.7 days. Currently, 4.3% of the company's stock are short sold.

California Resources Stock Performance

NYSE:CRC traded up $1.37 during midday trading on Tuesday, reaching $51.89. The stock had a trading volume of 1,003,875 shares, compared to its average volume of 829,444. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The stock has a market cap of $4.74 billion, a P/E ratio of 8.17, a P/E/G 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. The firm has a fifty day simple moving average of $54.94 and a two-hundred day simple moving average of $52.35.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. During the same period in the prior year, the company posted $1.02 earnings per share. The firm's revenue for the quarter was up 194.1% on a year-over-year basis. On average, equities analysts expect that California Resources will post 3.58 EPS for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.3875 dividend. The ex-dividend date was Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.99%. California Resources's dividend payout ratio is currently 24.41%.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the company's stock in a transaction dated 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 transaction, the vice president now directly owns 8,531 shares of the company's stock, valued at approximately $475,603.25. This represents a 50.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Omar Hayat sold 16,016 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

A number of institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in California Resources by 20.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,317 shares of the oil and gas producer's stock worth $656,000 after buying an additional 2,116 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of California Resources in the 2nd quarter worth approximately $729,000. Victory Capital Management Inc. increased its stake in California Resources by 10.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer's stock valued at $57,378,000 after purchasing an additional 104,504 shares in the last quarter. Arizona State Retirement System raised its holdings in California Resources by 8.9% during the second quarter. Arizona State Retirement System now owns 15,400 shares of the oil and gas producer's stock worth $820,000 after purchasing an additional 1,256 shares during the last quarter. Finally, Private Management Group Inc. boosted its position in California Resources by 14.6% during the second quarter. Private Management Group Inc. now owns 793,959 shares of the oil and gas producer's stock worth $42,254,000 after purchasing an additional 101,021 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRC has been the topic of a number of recent analyst reports. Capital One Financial raised shares of California Resources to a "strong-buy" rating in a research report on Monday, December 9th. Jefferies Financial Group began coverage on California Resources in a report on Thursday, October 24th. They set a "buy" rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on California Resources in a report on Friday, December 20th. They issued a "neutral" rating and a $63.00 target price for the company. Citigroup raised their price target on California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, September 5th. Finally, Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 price target on the stock. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $66.09.

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.