California Resources Corporation (CRC) to Distribute Quarterly Dividend of $0.42 on December 18th

California Resources Corporation (NYSE:CRC) announced a quarterly dividend on Monday, November 2nd. Shareholders of record on Friday, December 4th will be given a dividend of $0.42 per share by the oil and gas producer on Friday, December 18th. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, December 4th. This is a 3.7% increase from California Resources’s previous quarterly dividend of $0.4050.

California Resources has a payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $3.51 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 46.2%.

California Resources Stock Down 2.1%

Shares of CRC stock opened at $51.45 on Wednesday. California Resources has a 12 month low of $43.24 and a 12 month high of $71.98. The firm has a market cap of $4.57 billion, a PE ratio of -9.07 and a beta of 0.98. The stock has a 50 day moving average of $53.59 and a 200-day moving average of $56.96. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.17. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $967.71 million. California Resources had a positive return on equity of 9.34% and a negative net margin of 18.11%. California Resources’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 earnings per share. On average, equities analysts predict that California Resources will post 4.30 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Seaport Research Partners initiated coverage on shares of California Resources in a research note on Thursday, September 3rd. They set a “neutral” rating for the company. Stephens decreased their price target on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Roth Capital restated a “buy” rating and set a $59.00 price objective (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Finally, Stifel Nicolaus initiated coverage on shares of California Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $68.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, California Resources has an average rating of “Moderate Buy” and a consensus target price of $74.44.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.