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

California Resources Co. (NYSE:CRC) declared a quarterly dividend on Tuesday, November 5th, NASDAQ reports. Investors of record on Monday, December 2nd will be paid 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 2.73%. The ex-dividend date of this dividend is Monday, December 2nd.

California Resources has a dividend payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $4.41 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 35.1%.

California Resources Trading Up 5.3 %

Shares of CRC traded up $2.86 during mid-day trading on Wednesday, hitting $56.82. 2,128,371 shares of the company’s stock traded hands, compared to its average volume of 855,332. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41. The firm has a market capitalization of $3.86 billion, a P/E ratio of 25.88, a PEG ratio of 1.28 and a beta of 0.98. The business’s 50-day moving average price is $51.79 and its 200-day moving average price is $50.68.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the business earned $1.02 EPS. California Resources’s quarterly revenue was up 194.1% compared to the same quarter last year. As a group, sell-side analysts forecast that California Resources will post 3.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRC has been the topic of several analyst reports. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group initiated coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Finally, Jefferies Financial Group assumed coverage on California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Activity

In other news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.63% of the company’s stock.

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.