California Resources Corporation (NYSE:CRC) Raises Dividend to $0.41 Per Share

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Tuesday, November 4th. Shareholders of record on Monday, December 1st will be paid a dividend of 0.405 per share by the oil and gas producer on Monday, December 15th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, December 1st. This is a 4.5% increase from California Resources’s previous quarterly dividend of $0.39.

California Resources has a dividend payout ratio of 43.3% indicating that its dividend is sufficiently covered by earnings. 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 up $2.23 during trading on Wednesday, hitting $48.88. 187,320 shares of the stock traded hands, compared to its average volume of 950,005. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 6.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The business has a 50 day moving average price of $51.01 and a 200 day moving average price of $47.00.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, beating the consensus estimate of $1.31 by $0.15. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The business had revenue of $855.00 million during the quarter, compared to the consensus estimate of $888.58 million. During the same period in the previous year, the business earned $1.50 earnings per share. The company’s revenue was down 36.8% on a year-over-year basis. Equities research analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CRC shares. Roth Capital set a $63.00 price target on shares of California Resources in a report on Monday, September 15th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. UBS Group upped their price target on shares of California Resources from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Bank of America boosted their price objective on shares of California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, Mizuho set a $71.00 price objective on shares of California Resources in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.27.

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.