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

California Resources Co. (NYSE:CRC - Get Free Report) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 4,980,000 shares, a growth of 28.0% from the February 28th total of 3,890,000 shares. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is currently 4.9 days. Approximately 6.7% of the company's stock are short sold.

California Resources Stock Down 14.3 %

Shares of NYSE:CRC traded down $5.79 during trading on Friday, hitting $34.80. 1,547,452 shares of the company were exchanged, compared to its average volume of 840,314. California Resources has a fifty-two week low of $34.43 and a fifty-two week high of $60.41. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 5.48, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average price of $45.26 and a two-hundred day moving average price of $50.88.

California Resources (NYSE:CRC - Get Free Report) last announced 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). The business had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, research analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 4.45%. California Resources's dividend payout ratio is currently 37.71%.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the purchase, the director now owns 43,445 shares of the company's stock, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On California Resources

Institutional investors have recently made changes to their positions in the company. R Squared Ltd acquired a new stake in California Resources during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC boosted its holdings in California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock valued at $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC grew its position in shares of California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after purchasing an additional 454 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock worth $62,000 after purchasing an additional 222 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in shares of California Resources in the third quarter valued at approximately $70,000. Institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CRC. Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Monday, December 9th. JPMorgan Chase & Co. began coverage on shares of California Resources in a research note on Friday, December 20th. They set a "neutral" rating and a $63.00 price objective on the stock. Truist Financial initiated coverage on shares of California Resources in a research note on Monday, January 13th. They issued a "buy" rating and a $75.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $68.00 price target on shares of California Resources in a report on Thursday, March 27th. Finally, Barclays cut their price objective on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.92.

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.