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

California Resources Co. (NYSE:CRC) declared a quarterly dividend on Monday, March 3rd, Wall Street Journal reports. Shareholders 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 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% per year over the last three years. California Resources has a dividend payout ratio of 36.2% meaning its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

CRC traded down $0.58 during trading on Tuesday, reaching $39.15. The company’s stock had a trading volume of 1,372,156 shares, compared to its average volume of 806,853. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $50.02 and a two-hundred day simple moving average of $52.20. California Resources has a 1 year low of $38.09 and a 1 year high of $60.41. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 6.16, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The business had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, analysts anticipate that California Resources will post 3.85 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.03% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on CRC. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Truist Financial initiated coverage on shares of California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Finally, TD Cowen lifted their target price on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.25.

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.