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

California Resources Co. (NYSE:CRC - Get Free Report) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 3,860,000 shares, a growth of 17.7% from the January 15th total of 3,280,000 shares. Currently, 5.1% of the company's stock are sold short. Based on an average daily trading volume, of 708,800 shares, the days-to-cover ratio is currently 5.4 days.

Insiders Place Their Bets

In other news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares of the company's stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.63% of the company's stock.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new position in California Resources during the 4th quarter worth $1,145,000. GTS Securities LLC acquired a new position in shares of California Resources during the fourth quarter valued at $669,000. Sourcerock Group LLC lifted its stake in shares of California Resources by 6.5% during the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after acquiring an additional 65,981 shares during the period. Squarepoint Ops LLC boosted its holdings in California Resources by 22.5% in the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer's stock valued at $1,313,000 after acquiring an additional 4,647 shares during the last quarter. Finally, Teza Capital Management LLC acquired a new stake in California Resources in the fourth quarter worth about $935,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CRC shares. TD Cowen increased their target price on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Royal Bank of Canada restated an "outperform" rating and issued a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. Truist Financial assumed coverage on shares of California Resources in a research note on Monday, January 13th. They set a "buy" rating and a $75.00 target price for the company. JPMorgan Chase & Co. began 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, StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.25.

California Resources Price Performance

CRC traded up $0.47 during trading on Wednesday, hitting $48.71. The company's stock had a trading volume of 671,743 shares, compared to its average volume of 708,404. 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 stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 7.67, a price-to-earnings-growth ratio of 0.99 and a beta of 1.04. The firm's 50 day moving average price is $51.19 and its two-hundred day moving average price is $52.27. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41.

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.