California Resources Corporation (NYSE:CRC) Announces Quarterly Dividend of $0.39

Key Points

• California Resources Corporation announced a quarterly dividend of $0.39 per share, with a dividend yield of 3.2% and an upcoming ex-dividend date of August 27th.
• The company's earnings for the last quarter were $1.10 per share, exceeding analysts' estimates of $0.91, with a revenue increase of 90.3% year-over-year.
• Several analysts have upgraded their ratings for CRC, with target prices ranging from $50.00 to $63.00, of which the average target price is $62.27.

California Resources Corporation (NYSE:CRC - Get Free Report) declared a quarterly dividend on Wednesday, August 6th, Wall Street Journal reports. Investors of record on Wednesday, August 27th will be given a dividend of 0.3875 per share by the oil and gas producer on Friday, September 12th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 27th.

California Resources has a payout ratio of 43.3% indicating that 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 Stock Performance

Shares of NYSE CRC traded up $1.10 during midday trading on Wednesday, reaching $48.90. 1,508,102 shares of the company were exchanged, compared to its average volume of 958,816. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The stock has a fifty day simple moving average of $46.82 and a 200 day simple moving average of $44.04. The stock has a market cap of $4.36 billion, a P/E ratio of 8.87 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same quarter last year, the company posted $0.60 earnings per share. The business's revenue was up 90.3% on a year-over-year basis. On average, research analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRC shares. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $60.00 to $63.00 in a report on Tuesday, July 15th. Mizuho lifted their price objective on California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Royal Bank Of Canada reduced their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Finally, Bank of America cut their price target on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $62.27.

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.

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