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

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Tuesday, May 5th. Shareholders of record on Friday, May 29th will be paid 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 2.6%. The ex-dividend date is Friday, May 29th.

California Resources has a dividend payout ratio of 45.3% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

CRC traded down $6.89 during trading on Wednesday, hitting $63.25. The stock had a trading volume of 410,596 shares, compared to its average volume of 928,404. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89. The firm has a market capitalization of $5.61 billion, a P/E ratio of 15.49 and a beta of 0.96. The company’s 50-day moving average price is $64.48 and its 200 day moving average price is $54.12. California Resources has a twelve month low of $35.93 and a twelve month high of $71.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data 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 net margin of 9.89% and a return on equity of 10.23%. The company had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $947.50 million. During the same period in the previous year, the company posted $1.07 EPS. California Resources’s revenue was down 87.0% compared to the same quarter last year. On average, equities research analysts forecast that California Resources will post 5.03 EPS for the current fiscal year.

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.