California Resources Co. (NYSE:CRC) announced a Not Available dividend on Thursday, November 11th, Zacks reports. Stockholders of record on Wednesday, December 1st will be paid a dividend of 0.17 per share by the oil and gas producer on Thursday, December 16th. The ex-dividend date is Tuesday, November 30th.
California Resources has a dividend payout ratio of 13.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect California Resources to earn $5.10 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 13.3%.
Shares of California Resources stock opened at $40.35 on Friday. California Resources has a 12-month low of $18.30 and a 12-month high of $47.18. The company’s 50-day moving average price is $42.78 and its 200-day moving average price is $34.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.69 and a quick ratio of 0.62.
In other California Resources news, major shareholder Goldentree Asset Management Lp sold 367,695 shares of the firm’s stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $36.06, for a total value of $13,259,081.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,945,540 shares of company stock worth $80,101,550 in the last 90 days.
Several hedge funds and other institutional investors have recently bought and sold shares of CRC. LPL Financial LLC purchased a new position in shares of California Resources during the 3rd quarter worth $303,000. Morgan Stanley increased its position in shares of California Resources by 6.8% during the 2nd quarter. Morgan Stanley now owns 29,437 shares of the oil and gas producer’s stock worth $888,000 after purchasing an additional 1,867 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of California Resources by 33.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 320,507 shares of the oil and gas producer’s stock worth $13,141,000 after purchasing an additional 81,075 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.
Several equities analysts recently weighed in on CRC shares. KeyCorp increased their price target on shares of California Resources from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, November 3rd. Royal Bank of Canada increased their price target on shares of California Resources from $44.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 8th. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Tuesday, November 9th. Finally, MKM Partners began coverage on shares of California Resources in a report on Tuesday, September 21st. They issued a “buy” rating and a $54.00 price target on the stock.
California Resources Company Profile
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 purchasers that have access to transportation and storage facilities.
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