California Resources Corporation Plans Quarterly Dividend of $0.41 (NYSE:CRC)

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Sunday, March 1st. Investors of record on Friday, March 13th will be given a dividend of 0.405 per share by the oil and gas producer on Friday, March 20th. This represents a c) annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th.

California Resources has a dividend payout ratio of 45.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $4.08 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 39.7%.

California Resources Stock Up 4.5%

NYSE:CRC traded up $2.63 on Monday, hitting $61.47. 1,149,942 shares of the company’s stock traded hands, compared to its average volume of 821,943. The firm has a 50-day moving average price of $50.85 and a 200-day moving average price of $49.86. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.15 billion, a PE ratio of 14.30 and a beta of 1.15. California Resources has a 1 year low of $30.97 and a 1 year high of $62.48.

California Resources (NYSE:CRC) last released its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 EPS. Equities analysts anticipate that California Resources will post 3.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRC. Principal Financial Group Inc. increased its stake in California Resources by 23.9% in the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock valued at $24,924,000 after acquiring an additional 90,466 shares during the last quarter. Channing Capital Management LLC bought a new stake in California Resources during the third quarter worth $6,205,000. Clayton Partners LLC increased its stake in shares of California Resources by 35.2% in the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock valued at $7,238,000 after purchasing an additional 35,461 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of California Resources in the 3rd quarter valued at $2,200,000. Finally, Great Lakes Advisors LLC acquired a new position in shares of California Resources during the 3rd quarter worth $7,291,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.