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

California Resources Co. (NYSE:CRC) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 5,810,000 shares, a decrease of 5.7% from the September 30th total of 6,160,000 shares. Currently, 7.9% of the company’s stock are short sold. Based on an average daily volume of 758,900 shares, the days-to-cover ratio is presently 7.7 days.

Insiders Place Their Bets

In other news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. raised its stake in shares of California Resources by 2,615.2% in the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after buying an additional 811,963 shares during the period. Samlyn Capital LLC bought a new stake in California Resources during the 2nd quarter worth approximately $28,566,000. Vanguard Group Inc. lifted its holdings in California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after purchasing an additional 344,043 shares in the last quarter. American Century Companies Inc. boosted its position in shares of California Resources by 18.1% in the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after purchasing an additional 250,367 shares during the period. Finally, SIR Capital Management L.P. purchased a new stake in shares of California Resources in the second quarter worth $11,820,000. Institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

CRC has been the subject of several analyst reports. TD Cowen assumed coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Jefferies Financial Group assumed coverage on California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, UBS Group assumed coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

California Resources Trading Down 0.1 %

California Resources stock opened at $51.93 on Friday. California Resources has a 52-week low of $43.09 and a 52-week high of $57.88. The company has a market cap of $3.52 billion, a P/E ratio of 23.08, a P/E/G ratio of 1.29 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $51.75 and a two-hundred day simple moving average of $50.74.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same period in the prior year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. Analysts predict that California Resources will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.3875 dividend. This is a boost from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio (DPR) is currently 68.89%.

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.