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

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders 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 yield of 2.47%. 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. Research 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 Performance

Shares of NYSE:CRC traded up $0.10 during trading on Thursday, reaching $50.19. 742,191 shares of the company’s stock traded hands, compared to its average volume of 853,594. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The company has a 50 day moving average of $53.83 and a 200-day moving average of $52.58. California Resources has a 12 month low of $37.21 and a 12 month high of $58.44. The stock has a market capitalization of $3.45 billion, a P/E ratio of 6.49 and a beta of 1.03.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.17. The business had revenue of $454.00 million during the quarter, compared to analyst estimates of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue for the quarter was down 55.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.63 EPS. On average, equities analysts expect that California Resources will post 4.64 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on CRC. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a report on Wednesday, March 6th. Mizuho cut their target price on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Stifel Nicolaus lifted their price target on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.