California Resources Corporation (NYSE:CRC) Increases Dividend to $0.42 Per Share

Key Points

• California Resources raised its quarterly dividend 3.7% to $0.42 per share, payable December 18 to shareholders of record December 4. The new annualized dividend is $1.68, representing a 3.2% yield.
• The company reported quarterly earnings of $1.17 per share, beating analyst expectations of $1.00, while revenue reached $1.10 billion versus the $967.71 million consensus estimate.
• Analyst sentiment is moderately bullish: CRC has an average “Moderate Buy” rating and a consensus price target of $74.44, compared with shares trading near $52.45.

California Resources Corporation (NYSE:CRC - Get Free Report) declared a quarterly dividend on Monday, November 2nd. Stockholders of record on Friday, December 4th will be given a dividend of $0.42 per share by the oil and gas producer on Friday, December 18th. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, December 4th. This is a 3.7% increase from California Resources's previous quarterly dividend of $0.4050.

California Resources has a payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $3.51 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 46.2%.

California Resources Trading Down 0.2%

Shares of NYSE:CRC traded down $0.09 during trading on Tuesday, reaching $52.45. 452,743 shares of the stock were exchanged, compared to its average volume of 880,870. The firm's 50-day moving average price is $53.61 and its 200 day moving average price is $56.95. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of -38.61 and a beta of 1.02. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.17. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $967.71 million. During the same period in the previous year, the company posted $1.46 earnings per share. California Resources's revenue was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that California Resources will post 4.30 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 26th. Stifel Nicolaus assumed coverage on California Resources in a report on Thursday, September 10th. They set a "buy" rating and a $68.00 target price on the stock. Weiss Ratings raised California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. UBS Group reaffirmed a "buy" rating and issued a $68.00 price objective (down from $73.00) on shares of California Resources in a research report on Monday, October 12th. Finally, Barclays set a $74.00 price objective on shares of California Resources and gave the company an "overweight" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $74.44.

About California Resources

California Resources Corporation NYSE: CRC is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state's San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.

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