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

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 annualized dividend and a yield of 2.73%. The ex-dividend date is Monday, December 2nd.

California Resources has a dividend payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Research 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, hitting $56.82. The stock had a trading volume of 2,128,371 shares, compared to its average volume of 855,332. The firm’s 50 day moving average price is $51.79 and its 200-day moving average price is $50.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 1.28 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the company posted $1.02 earnings per share. The firm’s quarterly revenue was up 194.1% compared to the same quarter last year. On average, equities research analysts predict that California Resources will post 3.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup upped their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Barclays raised their price target on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. TD Cowen assumed coverage on California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective 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 Monday, August 12th. Finally, Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

Insider Activity at California Resources

In other news, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other California Resources news, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated 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 sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade 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.