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

Key Points

• $0.405 quarterly dividend declared, payable June 18 to shareholders of record on May 29, representing a roughly 2.5% yield.
• California Resources reported Q EPS of $0.88 (in line with estimates) while revenue collapsed to $119 million versus a $947.5 million consensus, down about 87% year‑over‑year.
• The dividend has a payout ratio of 45.3%, and analysts forecast future EPS that should comfortably cover the $1.62 annual dividend (expected payout ratio ~38.8%).

California Resources Corporation (NYSE:CRC - Get Free Report) declared a quarterly dividend on Tuesday, May 5th. Investors 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) dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend 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

NYSE CRC opened at $65.47 on Wednesday. The company has a fifty day simple moving average of $64.48 and a 200 day simple moving average of $54.12. California Resources has a 12-month low of $35.93 and a 12-month high of $71.98. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The company has a market cap of $5.81 billion, a P/E ratio of 16.04 and a beta of 0.96.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the prior year, the company posted $1.07 earnings per share. The business's revenue was down 87.0% on a year-over-year basis. Sell-side analysts predict that California Resources will post 5.03 earnings per share 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.

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