Shorts On Watch: Time to Reconsider California Resources Corporation (NYSE:CRC) After More Short Sellers?

November 28, 2016 - By Ellis Scott   ·   0 Comments

Shorts On Watch: Time to Reconsider California Resources Corporation (NYSE:CRC) After More Short Sellers?

The stock of California Resources Corporation (NYSE:CRC) registered an increase of 3.36% in short interest. CRC’s total short interest was 17.01 million shares in November as published by FINRA. Its up 3.36% from 16.45 million shares, reported previously. With 2.09 million shares average volume, it will take short sellers 8 days to cover their CRC’s short positions. About 1.69 million shares traded hands. California Resources Corp (NYSE:CRC) has declined 29.68% since April 25, 2016 and is downtrending. It has underperformed by 35.69% the S&P500.

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The company has a market cap of $529.07 million. The Firm produces approximately 160 thousand barrels of oil equivalent per day . It currently has negative earnings. It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).

Insitutional Activity: The institutional sentiment increased to 0.12 in 2016 Q2. Its up 0.11, from 0.01 in 2016Q1. The ratio is positive, as 417 funds sold all California Resources Corp shares owned while 16 reduced positions. 3 funds bought stakes while 1 increased positions. They now own 1.52 million shares or 99.34% less from 230.03 million shares in 2016Q1.
Lenox Wealth Management Inc, a Ohio-based fund reported 2 shares. Mercer Capital Advisers has invested 0% of its portfolio in California Resources Corp (NYSE:CRC). American Research And last reported 0% of its portfolio in the stock. Miura Glob Ltd Liability accumulated 1.15 million shares or 1.51% of the stock. America First Invest Advisors Limited Liability Corporation, a Nebraska-based fund reported 8 shares. Hanson And Doremus Invest Management last reported 0% of its portfolio in the stock. Central Secs Corp reported 1,170 shares or 0% of all its holdings. Gemmer Asset Management, a California-based fund reported 45 shares. Moreover, West Oak Cap Ltd Liability has 0% invested in California Resources Corp (NYSE:CRC) for 106 shares. Nelson Van Denburg & Campbell Wealth Group Ltd Limited Liability Company accumulated 1,453 shares or 0% of the stock. Nelson Roberts Inv Advisors Ltd Liability Co accumulated 0% or 160 shares. Messner And Smith Theme Value Investment Limited Ca last reported 0% of its portfolio in the stock. Oakworth Capital, a Alabama-based fund reported 183 shares. Cranbrook Wealth Management Ltd Com has invested 0% of its portfolio in California Resources Corp (NYSE:CRC). The Florida-based Dreman Value Mgmt L L C has invested 0% in California Resources Corp (NYSE:CRC).

California Resources Corp (NYSE:CRC) Ratings Coverage

Out of 6 analysts covering California Resources Corporation (NYSE:CRC), 2 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 33% are positive. California Resources Corporation has been the topic of 11 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Bank of America downgraded the stock to “Neutral” rating in Tuesday, February 23 report. Societe Generale downgraded the shares of CRC in a report on Wednesday, March 2 to “Hold” rating. Susquehanna maintained the stock with “Neutral” rating in Tuesday, January 26 report. The company was initiated on Friday, September 25 by Johnson Rice. Ladenburg Thalmann initiated California Resources Corp (NYSE:CRC) on Monday, November 23 with “Buy” rating. As per Tuesday, November 22, the company rating was upgraded by Morgan Stanley. The firm has “Neutral” rating given on Friday, October 30 by Susquehanna.

CRC Company Profile

California Resources Corporation, incorporated on April 23, 2014, is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Firm produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of approximately 640 million barrels of oil equivalent (MMBoe). The Firm operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (targeting steamflood activities) and approximately one in the Los Angeles basin (targeting waterflood activities). It has drilled approximately 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin.

More recent California Resources Corp (NYSE:CRC) news were published by: Businesswire.com which released: “California Resources Corporation to Participate at Upcoming Industry Conferences” on November 22, 2016. Also Fool.com published the news titled: “Shares of California Resources Corporation are Surging Today; Here’s Why” on November 15, 2016. Businesswire.com‘s news article titled: “California Resources Corporation Announces Third Quarter 2016 Financial …” with publication date: November 03, 2016 was also an interesting one.

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By Ellis Scott


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