California Resources Co. (NYSE:CRC) Sees Significant Increase in Short Interest

California Resources Co. (NYSE:CRC) was the recipient 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 shares are short sold. Based on an average daily volume of 708,800 shares, the days-to-cover ratio is currently 5.4 days.

California Resources Stock Up 4.3 %

CRC stock opened at $48.30 on Monday. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The business’s 50-day moving average is $51.64 and its two-hundred day moving average is $52.30. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 7.61, a P/E/G ratio of 0.98 and a beta of 1.04.

Analysts Set New Price Targets

CRC has been the subject of a number of research reports. TD Cowen increased their price objective on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial began coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research note on Tuesday, January 14th. JPMorgan Chase & Co. began coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Finally, Stephens began coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price on the stock. Three investment 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $67.25.

Insider Buying and Selling at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This represents 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 available through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. First Trust Advisors LP raised its stake in shares of California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after buying an additional 845,694 shares during the period. Weiss Asset Management LP bought a new position in shares of California Resources in the third quarter worth about $28,043,000. American Century Companies Inc. raised its stake in shares of California Resources by 14.2% in the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after buying an additional 290,263 shares during the period. JPMorgan Chase & Co. raised its stake in shares of California Resources by 158.7% in the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock worth $19,448,000 after buying an additional 229,940 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after buying an additional 225,620 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.