California Resources Co. Announces Quarterly Dividend of $0.31 (NYSE:CRC)

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders of record on Friday, May 31st will be given a dividend of 0.31 per share by the oil and gas producer on Friday, June 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, May 31st.

California Resources has a dividend payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect California Resources to earn $7.10 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 17.5%.

California Resources Trading Up 0.5 %

CRC stock traded up $0.23 during midday trading on Thursday, hitting $50.32. The stock had a trading volume of 346,896 shares, compared to its average volume of 848,959. The firm has a market cap of $3.46 billion, a P/E ratio of 6.49 and a beta of 1.03. California Resources has a 1-year low of $37.21 and a 1-year high of $58.44. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average price of $53.83 and a two-hundred day moving average price of $52.58.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.17. The firm had revenue of $454.00 million during the quarter, compared to the consensus estimate of $490.21 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business’s revenue was down 55.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.63 earnings per share. On average, sell-side analysts predict that California Resources will post 4.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRC has been the topic of a number of research reports. Stifel Nicolaus upped their target price on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Mizuho decreased their target price on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Finally, Barclays initiated coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.57.

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.