Short Interest in California Resources Corp (NYSE:CRC) Rises By 13.1%

California Resources Corp (NYSE:CRC) was the target of a significant growth in short interest in the month of November. As of November 29th, there was short interest totalling 19,240,000 shares, a growth of 13.1% from the November 14th total of 17,010,000 shares. Approximately 41.8% of the shares of the company are short sold. Based on an average trading volume of 4,200,000 shares, the days-to-cover ratio is presently 4.6 days.

Institutional investors have recently bought and sold shares of the stock. Financial Architects Inc boosted its holdings in shares of California Resources by 139.2% in the 3rd quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 1,400 shares in the last quarter. Covington Capital Management bought a new position in California Resources during the 3rd quarter valued at approximately $31,000. Tower Research Capital LLC TRC raised its position in California Resources by 665.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,522 shares of the oil and gas producer’s stock valued at $67,000 after purchasing an additional 5,670 shares during the last quarter. Point72 Hong Kong Ltd raised its position in California Resources by 232.9% during the 2nd quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 4,718 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its position in California Resources by 22.4% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 17,289 shares of the oil and gas producer’s stock valued at $176,000 after purchasing an additional 3,167 shares during the last quarter. Institutional investors and hedge funds own 72.92% of the company’s stock.

Shares of NYSE CRC traded up $0.16 during mid-day trading on Friday, hitting $8.76. The company had a trading volume of 26,984 shares, compared to its average volume of 3,229,005. The company has a market capitalization of $398.84 million, a price-to-earnings ratio of 6.96 and a beta of 4.40. California Resources has a 1 year low of $4.68 and a 1 year high of $30.18. The stock’s 50-day moving average price is $7.62 and its 200-day moving average price is $11.90.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.72. The company had revenue of $681.00 million during the quarter, compared to analysts’ expectations of $620.31 million. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. The firm’s quarterly revenue was down 17.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. As a group, research analysts forecast that California Resources will post 1.13 earnings per share for the current year.

CRC has been the topic of several research reports. ValuEngine lowered California Resources from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Zacks Investment Research lowered California Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Imperial Capital restated a “buy” rating and issued a $11.00 target price on shares of California Resources in a research note on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. California Resources presently has an average rating of “Hold” and an average price target of $21.83.

About California Resources

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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