California Resources Corporation (NYSE:CRC) Announces Quarterly Dividend of $0.41

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Sunday, March 1st. Shareholders of record on Friday, March 13th will be given a dividend of 0.405 per share by the oil and gas producer on Friday, March 20th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, March 13th.

California Resources has a payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect California Resources to earn $4.08 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 39.7%.

California Resources Trading Up 4.5%

Shares of CRC traded up $2.63 on Monday, hitting $61.47. 1,149,942 shares of the stock traded hands, compared to its average volume of 663,729. California Resources has a 1 year low of $30.97 and a 1 year high of $62.48. The stock’s 50 day moving average is $50.85 and its two-hundred day moving average is $49.86. The firm has a market capitalization of $5.15 billion, a P/E ratio of 12.96 and a beta of 1.11. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same quarter last year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts predict that California Resources will post 3.85 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on CRC. Mizuho increased their price objective on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Barclays set a $65.00 price target on California Resources and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Royal Bank Of Canada set a $70.00 target price on California Resources in a report on Monday, January 5th. Finally, Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.