California Resources Co. (NYSE:CRC) Short Interest Up 35.5% in May

California Resources Co. (NYSE:CRC - Get Free Report) was the recipient of a significant increase in short interest in May. As of May 15th, there was short interest totalling 4,810,000 shares, an increase of 35.5% from the April 30th total of 3,550,000 shares. Currently, 6.6% of the shares of the stock are short sold. Based on an average trading volume of 1,090,000 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Bank of America decreased their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $61.27.

California Resources Trading Down 0.8%

Shares of California Resources stock traded down $0.37 during midday trading on Thursday, reaching $43.92. 763,886 shares of the company's stock traded hands, compared to its average volume of 963,019. The stock has a 50 day moving average of $38.89 and a 200-day moving average of $46.30. California Resources has a 12 month low of $30.97 and a 12 month high of $60.41. The company has a market cap of $3.92 billion, a PE ratio of 6.92, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same quarter in the previous year, the business posted $0.75 EPS. The company's quarterly revenue was up 100.9% on a year-over-year basis. As a group, equities analysts expect that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.3875 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.53%. California Resources's payout ratio is currently 28.13%.

Institutional Trading of California Resources

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of California Resources by 2.5% in the 4th 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 last quarter. First Trust Advisors LP lifted its position in California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after purchasing an additional 845,694 shares in the last quarter. American Century Companies Inc. grew its holdings in California Resources by 10.7% during the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock valued at $113,274,000 after purchasing an additional 248,448 shares during the period. Geode Capital Management LLC increased its position in California Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after buying an additional 13,116 shares in the last quarter. Finally, Orbis Allan Gray Ltd raised its stake in shares of California Resources by 3.0% in the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock worth $52,713,000 after buying an additional 34,593 shares during the period. 97.79% of the stock is currently owned by hedge funds and other 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.