California Resources Co. (NYSE:CRC) Announces $0.39 Quarterly Dividend

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, November 5th, NASDAQ reports. Investors of record on Monday, December 2nd will be paid a dividend of 0.3875 per share by the oil and gas producer on Monday, December 16th. This represents a $1.55 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Monday, December 2nd.

California Resources has a payout ratio of 38.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect California Resources to earn $4.41 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 35.1%.

California Resources Price Performance

Shares of NYSE:CRC traded up $2.86 on Wednesday, reaching $56.82. 2,128,371 shares of the company traded hands, compared to its average volume of 855,332. The stock has a market capitalization of $3.86 billion, a PE ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The company’s 50 day moving average is $51.79 and its 200-day moving average is $50.68. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the previous year, the company earned $1.02 EPS. The business’s revenue for the quarter was up 194.1% compared to the same quarter last year. As a group, analysts anticipate that California Resources will post 3.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRC has been the topic of several research analyst reports. Stephens assumed coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective on the stock. Barclays upped their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price for the company. Citigroup boosted their price target on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Insider Buying and Selling

In other news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other California Resources news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.63% 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.