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. Shareholders of record on Friday, August 30th will be paid a dividend of 0.3875 per share by the oil and gas producer on Monday, September 16th. This represents a $1.55 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31.

California Resources has a dividend payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. 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, hitting $45.68. 1,254,539 shares of the company traded hands, compared to its average volume of 910,469. California Resources has a 12-month low of $43.09 and a 12-month high of $58.44. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market cap of $3.13 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 0.98. The firm’s 50-day simple moving average is $49.81 and its 200 day simple moving average is $51.46.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share 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 firm had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter in the previous year, the business earned $0.53 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. Analysts expect that California Resources will post 4.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on CRC shares. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Barclays began coverage on shares of 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. Stifel Nicolaus raised their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research note on Wednesday, June 12th. Finally, Citigroup assumed coverage on shares of California Resources in a research note on Friday, July 19th. They issued a “buy” rating and a $63.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Buying and Selling at California Resources

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 shares were sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the transaction, the director now directly owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.03% of the company’s stock.

About California Resources

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.