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 given 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 of this dividend is Monday, December 2nd.

California Resources has a dividend payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 5.3 %

Shares of California Resources stock traded up $2.86 during trading hours on Wednesday, reaching $56.82. The company’s stock had a trading volume of 2,128,371 shares, compared to its average volume of 855,332. The company has a market capitalization of $3.86 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.98. The stock’s fifty day simple moving average is $51.79 and its two-hundred day simple moving average is $50.68. California Resources has a one year low of $43.09 and a one year high of $60.41. 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 (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. On average, research analysts forecast that California Resources will post 3.45 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.63% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRC. Jefferies Financial Group began coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Stephens began coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Barclays lifted their price target on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.50.

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.