California Resources Co. (NYSE:CRC) Short Interest Down 10.4% in June

California Resources Co. (NYSE:CRC) was the target of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 7,480,000 shares, a decrease of 10.4% from the May 31st total of 8,350,000 shares. Currently, 12.3% of the shares of the stock are short sold. Based on an average daily volume of 888,200 shares, the days-to-cover ratio is presently 8.4 days.

California Resources Trading Up 0.6 %

Shares of NYSE CRC traded up $0.31 during midday trading on Wednesday, reaching $52.91. 362,168 shares of the stock were exchanged, compared to its average volume of 944,738. California Resources has a 12 month low of $43.30 and a 12 month high of $58.44. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 0.61 and a beta of 0.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29. The business has a 50-day simple moving average of $49.61 and a two-hundred day simple moving average of $51.86.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.58 by $0.17. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The business had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same quarter last year, the business posted $2.63 EPS. The firm’s revenue was down 55.7% compared to the same quarter last year. As a group, equities research analysts expect that California Resources will post 4.44 EPS for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a $0.31 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.24 annualized dividend and a dividend yield of 2.34%. California Resources’s dividend payout ratio is presently 35.53%.

Analysts Set New Price Targets

Several brokerages have recently commented on CRC. Mizuho lifted their price target on shares of California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Stifel Nicolaus lifted their target price on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Wednesday, June 12th. Finally, Barclays started coverage on California Resources in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Activity

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the completion of the sale, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.63% of the stock is owned by insiders.

Institutional Trading of California Resources

Large investors have recently bought and sold shares of the business. TFO Wealth Partners LLC lifted its holdings in shares of California Resources by 67,800.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in California Resources by 92.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after acquiring an additional 722 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in California Resources by 56.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 865 shares during the last quarter. iA Global Asset Management Inc. bought a new position in shares of California Resources during the 3rd quarter worth approximately $211,000. Finally, Profund Advisors LLC acquired a new stake in shares of California Resources in the third quarter valued at approximately $213,000. 97.79% of the stock is owned by institutional investors.

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.