California Resources Corporation (CRC) To Go Ex-Dividend on March 13th

California Resources Corporation (NYSE:CRC) announced a quarterly dividend on Sunday, March 1st. Shareholders of record on Friday, March 13th will be paid a dividend of 0.405 per share by the oil and gas producer on Friday, March 20th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, March 13th.

California Resources has a payout ratio of 45.3% meaning 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 $1.62 annual dividend with an expected future payout ratio of 39.7%.

California Resources Trading Down 3.7%

Shares of NYSE CRC opened at $61.66 on Wednesday. California Resources has a twelve month low of $30.97 and a twelve month high of $66.35. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $53.43 and a 200-day simple moving average of $50.57. The stock has a market capitalization of $5.46 billion, a PE ratio of 15.11 and a beta of 1.12.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The firm had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.California Resources’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. On average, equities analysts forecast that California Resources will post 3.85 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Barclays raised their price target on shares of California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Wall Street Zen downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Finally, Wells Fargo & Company lifted their target price on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.90.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.