California Resources Co. (NYSE:CRC – Get Free Report) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, May 31st will be paid a dividend of 0.31 per share by the oil and gas producer on Friday, June 14th. This represents a $1.24 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Friday, May 31st.
California Resources has a dividend payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $7.10 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 17.5%.
California Resources Stock Up 0.3 %
Shares of NYSE:CRC traded up $0.15 during trading on Thursday, hitting $50.24. The stock had a trading volume of 467,988 shares, compared to its average volume of 850,089. California Resources has a 12 month low of $37.21 and a 12 month high of $58.44. The company has a market capitalization of $3.45 billion, a PE ratio of 6.49 and a beta of 1.03. The firm’s fifty day moving average is $53.83 and its 200 day moving average is $52.58. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on CRC. Barclays began coverage on California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective for the company. Mizuho cut their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus increased their target price on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.57.
Check Out Our Latest Report on CRC
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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