California Resources Co. (NYSE:CRC) will issue a quarterly dividend of $0.17
California Resources Co. (NYSE:CRC – Get Rating) declared a quarterly dividend on Friday, February 25, The Wall Street Journal reports. Shareholders of record on Monday, March 7 will receive a dividend of 0.17 per share from the oil and gas producer on Wednesday, March 16. This represents an annualized dividend of $0.68 and a dividend yield of 1.69%. The ex-dividend date is Friday, March 4. This is an increase from California Resources’ previous quarterly dividend of $0.01.
California Resources has an 8.9% payout ratio, indicating that its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $5.75 per share next year, meaning the company should continue to be able to cover its $0.68 annual dividend with a future payout ratio. forecast of 11.8%.
Shares of CRC rose $2.00 midday Friday, hitting $40.15. The company had a trading volume of 1,032,916 shares, compared to an average volume of 786,653. The company’s 50-day simple moving average is $42.31 and its 200-day simple moving average is 40, $77. California Resources has a 52-week low of $21.79 and a 52-week high of $47.18. The company has a current ratio of 0.69, a quick ratio of 0.62 and a debt ratio of 0.56.
California Resources (NYSE:CRC – Get Rating) last announced its results on Thursday, February 24. The oil and gas producer reported earnings per share of $2.13 for the quarter, beating the consensus estimate of $2.07 by $0.06. California Resources had a return on equity of 397.26% and a net margin of 241.65%. The company posted revenue of $634.00 million for the quarter, versus a consensus estimate of $544.36 million. The company’s revenue for the quarter increased by 317.1% compared to the same quarter last year. Stock analysts expect California Resources to post an EPS of 5.94 for the current year.
Several brokerages weighed in on CRC. KeyCorp raised its price target on California Resources from $49.00 to $50.00 and gave the company an “overweight” rating in a Thursday, January 20 research note. Bank of America began covering California Resources in a report on Monday, January 10. They issued a “buy” rating and a price target of $64.00 for the company. Finally, Zacks Investment Research upgraded California Resources from a “hold” rating to a “sell” rating in a Tuesday, January 25 report. One investment analyst gave the stock a sell rating and four gave the company a buy rating. According to MarketBeat, California Resources has an average rating of “Buy” and an average price target of $55.80.
Separately, major shareholder Ares Management Llc sold 70,000 shares of the company in a transaction on Monday, December 13. The stock was sold at an average price of $43.37, for a total value of $3,035,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, major shareholder Goldentree Asset Management Lp purchased 6,900 shares of the company in a transaction dated Monday, December 20. The stock was purchased at an average cost of $38.70 per share, with a total value of $267,030.00. Disclosure of this purchase can be found here. In the past ninety days, insiders have sold 711,249 shares of the company valued at $30,905,875.
Several large investors have recently changed their positions in the company. Morgan Stanley increased its position in California Resources shares by 6.8% in the second quarter. Morgan Stanley now owns 29,437 shares of the oil and gas producer valued at $888,000 after buying an additional 1,867 shares during the period. Levin Capital Strategies LP bought a new stake in shares of California Resources in the fourth quarter valued at $235,000. Stifel Financial Corp bought a new stake in shares of California Resources in the fourth quarter worth $263,000. LPL Financial LLC purchased a new stake in California Resources during the third quarter, valued at approximately $303,000. Finally, Wells Fargo & Company MN increased its position in California Resources by 10.4% during the fourth quarter. Wells Fargo & Company MN now owns 90,145 shares of the oil and gas producer valued at $3,849,000 after acquiring an additional 8,482 shares during the period. 95.91% of the shares are held by institutional investors and hedge funds.
California Resources Company Profile (Get a rating)
California Resources Corporation operates as an independent oil and natural gas exploration and production company in the State of California. The Company sells crude oil, natural gas and natural gas liquids to marketers, California refineries and other buyers who have access to transportation and storage facilities.
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