California Resources Co. (NYSE:CRC) Sees Significant Decrease in Short Interest
California Resources Co. (NYSE:CRC) experienced a significant decrease in short interest, dropping 33.1% from 4,980,000 shares to 3,330,000 shares as of March 31. Approximately 4.5% of its shares are sold short, with a days-to-cover ratio of 3.2 days based on an average daily trading volume of 1,040,000 shares. The company recently declared a quarterly dividend of $0.3875, yielding 4.35%. Analysts have mixed ratings, with a consensus rating of "Moderate Buy" and a price target of $63.83. Insiders and institutional investors have also been active in trading shares.
California Resources Co. (NYSE:CRC - Get Free Report) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 3,330,000 shares, a drop of 33.1% from the March 15th total of 4,980,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is presently 3.2 days. Approximately 4.5% of the company's shares are sold short.
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California Resources Trading Up 3.0 %
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NYSE:CRC opened at $35.65 on Friday. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The firm has a 50 day moving average of $42.00 and a 200 day moving average of $49.54. 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 $3.23 billion, a price-to-earnings ratio of 5.61, a PEG ratio of 1.02 and a beta of 1.03.
California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $877.00 million during the quarter, compared to analysts' expectations of $901.36 million. As a group, sell-side analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.
California Resources Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's payout ratio is presently 37.71%.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. Royal Bank of Canada cut their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They issued a "neutral" rating and a $63.00 target price on the stock. Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a "buy" rating and a $75.00 price target for the company. Barclays lowered their price objective on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Finally, Citigroup cut California Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from $62.00 to $36.00 in a report on Monday, April 7th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.83.
View Our Latest Research Report on California Resources
Insiders Place Their Bets
In related news, Director James N. Chapman bought 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.03% of the company's stock.
Institutional Investors Weigh In On California Resources
Institutional investors have recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of California Resources in the 4th quarter valued at approximately $31,000. Harbor Capital Advisors Inc. grew its position in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after buying an additional 812 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock valued at $56,000 after acquiring an additional 454 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after buying an additional 222 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.
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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