California Resources Co. (CRC) To Go Ex-Dividend on December 2nd

California Resources Co. (NYSE:CRC) declared a quarterly dividend on Tuesday, November 5th,NASDAQ Dividends reports. Investors of record on Monday, December 2nd will be paid a dividend of 0.3875 per share by the oil and gas producer on Monday, December 16th. This represents a $1.55 annualized dividend and a yield of 2.62%. The ex-dividend date is Monday, December 2nd.

California Resources has a dividend payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect California Resources to earn $3.90 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 39.7%.

California Resources Stock Performance

CRC stock opened at $59.16 on Friday. The firm has a 50 day moving average of $54.36 and a two-hundred day moving average of $51.32. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 9.32, a P/E/G ratio of 1.45 and a beta of 0.98. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same period in the prior year, the company posted $1.02 earnings per share. California Resources’s revenue for the quarter was up 194.1% on a year-over-year basis. As a group, equities analysts anticipate that California Resources will post 3.42 EPS for the current fiscal year.

Insider Activity

In related news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares of the company’s stock, valued at $475,603.25. This represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,270 shares of company stock valued at $1,387,778. Insiders own 0.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. TD Cowen raised their price objective on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Citigroup upped their price target on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

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.