Short Interest in California Resources Co. (NYSE:CRC) Rises By 17.7%

California Resources Co. (NYSE:CRC) was the target 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 trading volume of 708,800 shares, the short-interest ratio is currently 5.4 days.

California Resources Trading Up 4.3 %

Shares of NYSE:CRC opened at $48.30 on Monday. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a market capitalization of $4.41 billion, a PE ratio of 7.61, a PEG ratio of 0.98 and a beta of 1.04. The business has a 50 day moving average of $51.64 and a two-hundred day moving average of $52.30. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Insider Transactions at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new position in shares of California Resources during the 3rd quarter worth approximately $682,000. Swiss National Bank raised its stake in shares of California Resources by 12.7% during the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock worth $6,396,000 after buying an additional 13,700 shares during the period. Geode Capital Management LLC raised its stake in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the period. Natixis Advisors LLC acquired a new position in shares of California Resources during the 3rd quarter worth approximately $579,000. Finally, State Street Corp raised its stake in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRC shares. 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 on the stock. Jefferies Financial Group initiated coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research report on Tuesday, January 14th. Finally, Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

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.