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

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. Shareholders of record on Wednesday, August 27th will be paid a dividend of 0.3875 per share by the oil and gas producer on Friday, September 12th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, August 27th.

California Resources has a payout ratio of 43.3% indicating that its dividend is sufficiently covered by earnings. Equities 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 Up 0.8%

NYSE CRC traded up $0.36 during trading on Friday, hitting $47.48. The company had a trading volume of 729,791 shares, compared to its average volume of 984,933. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. California Resources has a one year low of $30.97 and a one year high of $60.41. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 6.49 and a beta of 1.16. The company's fifty day moving average is $47.11 and its 200-day moving average is $43.85.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping the consensus estimate of $0.91 by $0.19. The business had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company's revenue for the quarter was up 90.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. On average, sell-side analysts predict that California Resources will post 3.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRC has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Citigroup increased their price target on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, California Resources presently has an average rating of "Buy" and an average price target of $62.82.

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.