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

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Tuesday, May 5th. Investors of record on Friday, May 29th will be given a dividend of 0.405 per share by the oil and gas producer on Thursday, June 18th. This represents a c) annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, May 29th.

California Resources has a dividend payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $4.18 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 38.8%.

California Resources Price Performance

Shares of NYSE CRC opened at $65.47 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $64.48 and a two-hundred day simple moving average of $54.12. California Resources has a 1-year low of $35.93 and a 1-year high of $71.98. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 16.04 and a beta of 0.96.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.88. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period in the previous year, the company posted $1.07 earnings per share. The business’s revenue was down 87.0% on a year-over-year basis. Analysts anticipate that California Resources will post 5.03 earnings per share for the current year.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president owned 7,684 shares of the company’s stock, valued at $489,547.64. This represents a 52.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher D. Gould sold 24,347 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the sale, the executive vice president owned 131,537 shares in the company, valued at approximately $8,182,916.77. This trade represents a 15.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 72,283 shares of company stock valued at $4,636,646. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in California Resources by 20.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after purchasing an additional 47,914 shares during the last quarter. Fifth Third Bancorp increased its position in shares of California Resources by 12,134.0% during the 1st quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer’s stock valued at $4,912,000 after purchasing an additional 70,377 shares during the last quarter. Valued Wealth Advisors LLC bought a new position in shares of California Resources during the 1st quarter valued at about $29,000. Sage Rhino Capital LLC raised its holdings in shares of California Resources by 2.9% during the 1st quarter. Sage Rhino Capital LLC now owns 34,130 shares of the oil and gas producer’s stock valued at $2,362,000 after buying an additional 969 shares in the last quarter. Finally, Praxis Investment Management Inc. purchased a new position in shares of California Resources during the 1st quarter valued at about $311,000. Institutional investors own 97.79% of the company’s stock.

About California Resources

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.