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

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Monday, August 5th, Wall Street Journal reports. Stockholders of record on Friday, August 30th will be given a dividend of 0.3875 per share by the oil and gas producer on Monday, September 16th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31.

California Resources has a payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect California Resources to earn $6.24 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 19.9%.

California Resources Price Performance

Shares of California Resources stock traded up $2.39 on Wednesday, reaching $45.68. The company’s stock had a trading volume of 1,254,539 shares, compared to its average volume of 910,469. The company has a market capitalization of $3.13 billion, a P/E ratio of 13.15, a PEG ratio of 0.83 and a beta of 0.98. California Resources has a 52-week low of $43.09 and a 52-week high of $58.44. The stock has a 50-day moving average price of $49.81 and a 200-day moving average price of $51.46. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 11.34% and a return on equity of 11.00%. The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. Analysts expect that California Resources will post 4.99 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on CRC shares. Citigroup started coverage on California Resources in a research report on Friday, July 19th. They set a “buy” rating and a $63.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price target on shares of California Resources in a research report on Wednesday, June 12th. Barclays started coverage on California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Mizuho boosted their price target on California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Stifel Nicolaus boosted their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Insiders Place Their Bets

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the transaction, the director now owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.03% of the stock is currently owned by corporate insiders.

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.