California Resources Corporation (NYSE:CRC) Short Interest Up 25.5% in January

California Resources Corporation (NYSE:CRC) was the target of a large increase in short interest in January. As of January 15th, there was short interest totaling 4,341,581 shares, an increase of 25.5% from the December 31st total of 3,460,591 shares. Currently, 5.2% of the company’s stock are short sold. Based on an average daily volume of 872,921 shares, the days-to-cover ratio is presently 5.0 days. Based on an average daily volume of 872,921 shares, the days-to-cover ratio is presently 5.0 days. Currently, 5.2% of the company’s stock are short sold.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in shares of California Resources during the third quarter valued at about $2,200,000. Creative Planning boosted its stake in California Resources by 58.9% during the second quarter. Creative Planning now owns 37,673 shares of the oil and gas producer’s stock valued at $1,721,000 after buying an additional 13,962 shares during the last quarter. Great Lakes Advisors LLC bought a new position in California Resources during the third quarter valued at approximately $7,291,000. Y Intercept Hong Kong Ltd purchased a new position in California Resources during the 2nd quarter valued at approximately $1,267,000. Finally, Hsbc Holdings PLC increased its stake in California Resources by 103.5% in the 2nd quarter. Hsbc Holdings PLC now owns 44,097 shares of the oil and gas producer’s stock worth $2,017,000 after acquiring an additional 22,428 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Barclays set a $65.00 target price on California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Wells Fargo & Company reaffirmed an “overweight” rating and set a $56.00 price target (down from $58.00) on shares of California Resources in a report on Tuesday, December 9th. Royal Bank Of Canada set a $70.00 price objective on California Resources in a research report on Monday, January 5th. Finally, JPMorgan Chase & Co. boosted their target price on California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, California Resources has an average rating of “Moderate Buy” and an average price target of $63.90.

California Resources Stock Performance

Shares of CRC stock traded up $1.36 on Tuesday, reaching $54.22. The stock had a trading volume of 798,113 shares, compared to its average volume of 913,219. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. California Resources has a 1 year low of $30.97 and a 1 year high of $58.41. The stock has a market cap of $4.54 billion, a P/E ratio of 12.61 and a beta of 1.15. The company has a 50 day simple moving average of $47.15 and a 200 day simple moving average of $48.79.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. The company had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.California Resources’s revenue was down 36.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.50 earnings per share. Equities research analysts expect that California Resources will post 3.85 EPS for the current year.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.