California Resources Co. to Issue Quarterly Dividend of $0.39 (NYSE:CRC)

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, November 5th,NASDAQ Dividends reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.3875 per share by the oil and gas producer on Monday, December 16th. This represents a $1.55 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Monday, December 2nd.

California Resources has a dividend payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $3.90 per share next year, which means the company should continue to be able to cover its $1.55 annual dividend with an expected future payout ratio of 39.7%.

California Resources Trading Up 1.2 %

Shares of CRC opened at $59.16 on Friday. The stock has a 50 day simple moving average of $54.36 and a 200-day simple moving average of $51.32. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.02 billion, a PE ratio of 9.32, a PEG ratio of 1.45 and a beta of 0.98. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same period last year, the business earned $1.02 earnings per share. The business’s revenue was up 194.1% on a year-over-year basis. On average, sell-side analysts predict that California Resources will post 3.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Citigroup lifted their price target on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Barclays increased their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. The trade was a 50.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,270 shares of company stock worth $1,387,778 over the last 90 days. 0.03% of the stock is owned by insiders.

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.