California Resources Corporation (NYSE:CRC) Declares Quarterly Dividend of $0.42

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Monday, November 2nd. Stockholders of record on Friday, December 4th will be paid a dividend of $0.42 per share by the oil and gas producer on Friday, December 18th. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, December 4th. This is a 3.7% increase from California Resources’s previous quarterly dividend of $0.4050.

California Resources has a payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect California Resources to earn $3.51 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 46.2%.

California Resources Price Performance

Shares of California Resources stock traded down $0.33 during trading on Tuesday, reaching $52.21. 479,395 shares of the company’s stock were exchanged, compared to its average volume of 880,965. The company has a market cap of $4.64 billion, a P/E ratio of -38.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources has a 1-year low of $43.24 and a 1-year high of $71.98. The firm’s 50-day moving average price is $53.61 and its 200 day moving average price is $56.95.

California Resources (NYSE:CRC) last released its quarterly earnings data on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.17. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $967.71 million. During the same quarter last year, the business posted $1.46 EPS. California Resources’s revenue for the quarter was up .4% on a year-over-year basis. As a group, research analysts anticipate that California Resources will post 4.30 earnings per share for the current year.

Insider Buying and Selling at California Resources

In related news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 123,703 shares of the company’s stock, valued at approximately $6,679,962. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,721 shares of company stock worth $1,928,934 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new position in California Resources during the 2nd quarter valued at about $63,205,000. Arrowstreet Capital Limited Partnership purchased a new stake in California Resources in the 1st quarter valued at $62,698,000. Bank of America Corp DE boosted its holdings in California Resources by 57.1% during the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after acquiring an additional 212,827 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of California Resources by 12.8% in the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock valued at $33,254,000 after purchasing an additional 54,703 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of California Resources by 20.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock valued at $18,667,000 after purchasing an additional 47,914 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.