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

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, March 4th, Wall Street Journal reports. Stockholders of record on Monday, March 10th will be given a dividend of 0.3875 per share by the oil and gas producer on Friday, March 21st. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Monday, March 10th.

California Resources has increased its dividend payment by an average of 101.7% annually over the last three years. California Resources has a dividend payout ratio of 36.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect California Resources to earn $4.08 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 38.0%.

California Resources Stock Down 1.5 %

NYSE CRC traded down $0.58 on Tuesday, reaching $39.15. The stock had a trading volume of 1,372,156 shares, compared to its average volume of 735,582. The business has a 50 day moving average price of $50.02 and a 200 day moving average price of $52.20. California Resources has a 1 year low of $38.02 and a 1 year high of $60.41. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 6.16, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. On average, analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on CRC. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research note on Monday, December 9th. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Finally, StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.25.

Insider Buying and Selling

In other news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.03% of the stock is currently owned by insiders.

California Resources Company Profile

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.