California Resources Co. (CRC) To Go Ex-Dividend on March 10th

California Resources Co. (NYSE:CRC) announced a quarterly dividend on Monday, March 3rd, Wall Street Journal reports. Stockholders of record on Monday, March 10th will be paid a dividend of 0.3875 per share by the oil and gas producer on Friday, March 21st. This represents a $1.55 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Monday, March 10th.

California Resources has increased its dividend payment by an average of 101.7% annually over the last three years. California Resources has a dividend payout ratio of 36.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $4.08 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 38.0%.

California Resources Trading Down 1.5 %

Shares of CRC opened at $39.15 on Wednesday. The company has a market capitalization of $3.58 billion, a P/E ratio of 6.16, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources has a one year low of $38.02 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a 50-day moving average price of $49.77 and a 200 day moving average price of $52.12.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. Sell-side analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

CRC has been the subject of several research reports. JPMorgan Chase & Co. assumed coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Truist Financial assumed coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company. TD Cowen increased their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.25.

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.