California Resources Co. Declares Quarterly Dividend of $0.31 (NYSE:CRC)

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.31 per share by the oil and gas producer on Friday, June 14th. This represents a $1.24 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, May 31st.

California Resources has a payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $7.10 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 17.5%.

California Resources Stock Up 0.5 %

Shares of California Resources stock traded up $0.23 on Thursday, hitting $50.32. The company had a trading volume of 346,896 shares, compared to its average volume of 848,959. The stock has a 50 day moving average of $53.83 and a 200-day moving average of $52.58. California Resources has a 1 year low of $37.21 and a 1 year high of $58.44. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 6.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.17. The business had revenue of $454.00 million during the quarter, compared to the consensus estimate of $490.21 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm’s quarterly revenue was down 55.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.63 EPS. As a group, sell-side analysts forecast that California Resources will post 4.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRC. Barclays initiated coverage on California Resources in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective on the stock. Mizuho reduced their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Finally, Stifel Nicolaus raised their target price 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 analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average price target of $63.57.

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.