() experienced a significant rise in short interest throughout the month of July. On June 30, there were 5,620,000 shorted shares. This is a 98.6% increase from the 2,830,000 shares on June 15. Presently, 9.5% are short the stock of the company. The short-interest rate is currently 5.4, based on a daily average trading volume of 1,050,000 stocks.
California Resources Price Performance
traded down $1.71 during trading on Friday, hitting $45.38. The company had a trading volume of 648,245 shares, compared to its average volume of 1,640,082. The stock's 50-day moving average is $42.04 and its two-hundred day moving average is $41.40. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 3.44 and a beta of 1.14. The company has a quick ratio of 1.27, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. California Resources has a 52 week low of $34.02 and a 52 week high of $51.46.
California Resources (
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) last released its earnings results on Monday, May 1st. The oil and gas producer reported $2.63 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.54. California Resources had a return on equity of 26.53% and a net margin of 27.95%. The business had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $746.35 million. As a group, analysts predict that California Resources will post 5.91 EPS for the current fiscal year.
California Resources Cuts Dividend
A quarterly dividend was also declared by the firm and paid out on Friday 16th June. Dividends were paid to shareholders who had been registered on the 1st of June. This is a $1.13 dividend with a yield 2.49 percent. This dividend became payable on Wednesday, May 31, 2018. California Resources has a dividend payout ratio of 8.57%.
Inflows of Institutional Capital and Outflows
Recently, several large investors changed their stock holdings. State Board of Administration of Florida Retirement System increased its stake in California Resources shares by 25,2% during the fourth-quarter. State Board of Administration of Florida Retirement System owns 16,053 of the oil and natural gas producer's shares valued at $698,000. This is after buying an additional 3,230 during the period. Renaissance Technologies LLC increased its holdings of California Resources by 44.1% during the fourth quarter. Renaissance Technologies LLC owns 426.836 shares in the oil and natural gas producer, worth $18,572,000, after purchasing an additional 130.700 shares over the past quarter. Canyon Capital Advisors LLC acquired a new stake in California Resources during the fourth quarter, valued at approximately $10,636,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in California Resources shares by 35.8% over the course of the fourth quarter. Mitsubishi UFJ Trust & Banking Corp owns 8,136 of the oil and natural gas producer's shares valued at $354,000, after acquiring 2,143 additional shares in the last quarter. Sage Rhino Capital LLC increased its holdings of California Resources shares by 19.1% in the first quarter. Sage Rhino Capital LLC owns now 28,673 of the oil and natural gas producer's shares worth $1,104,000. This is after buying an additional 4,592 during the period. 97.81% is owned by hedge funds and institutional investors.
Wall Street analysts weigh in
Recent reports from several equity research analysts on CRC's shares have been released. In a report published on Friday, 19th May, Stifel Nicolaus reduced their California Resources target price from $52.00 down to $50.00. California Resources was covered in a report released on Thursday 18th May. The stock was given a rating of 'hold'. TheStreet upgraded California Resources's rating from a "d" to a "c" in a research report on Monday, 6th June. Seven analysts have given the stock a buy or a hold rating. According to MarketBeat data, California Resources has a current average rating of "Moderate Buy" and a target price consensus of $56.67.
California Resources Company Profile
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California Resources Corporation is an independent oil and gas exploration and production firm in the United States. The company produces and markets crude oils, natural gases, and natural liquids to California refineries and other buyers who have access storage and transportation facilities.
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