California Resources Corporation (NYSE:CRC) Announces Quarterly Dividend of $0.39

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Wednesday, August 6th, Wall Street Journal reports. Investors of record on Wednesday, August 27th will be given a dividend of 0.3875 per share by the oil and gas producer on Friday, September 12th. This represents a c) annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, August 27th.

California Resources has a dividend payout ratio of 43.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect California Resources to earn $4.08 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 38.0%.

California Resources Price Performance

NYSE CRC opened at $49.8330 on Monday. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The stock has a market capitalization of $4.17 billion, a PE ratio of 6.81 and a beta of 1.16. The stock has a 50-day simple moving average of $47.70 and a 200 day simple moving average of $43.74.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The business had revenue of $978.00 million during the quarter, compared to analysts’ expectations of $820.93 million. During the same quarter in the previous year, the firm earned $0.60 EPS. The firm’s revenue was up 90.3% compared to the same quarter last year. Research analysts anticipate that California Resources will post 3.85 EPS for the current year.

Institutional Investors Weigh In On California Resources

Large investors have recently bought and sold shares of the business. MetLife Investment Management LLC lifted its holdings in California Resources by 4.5% during the 4th quarter. MetLife Investment Management LLC now owns 41,702 shares of the oil and gas producer’s stock worth $2,164,000 after buying an additional 1,802 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in California Resources by 13.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 23,954 shares of the oil and gas producer’s stock worth $1,243,000 after buying an additional 2,900 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in California Resources by 322.3% during the 4th quarter. Hsbc Holdings PLC now owns 36,827 shares of the oil and gas producer’s stock worth $1,916,000 after buying an additional 28,106 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in California Resources during the 4th quarter worth $353,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in California Resources by 14.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 51,571 shares of the oil and gas producer’s stock worth $2,677,000 after buying an additional 6,519 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

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.