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

California Resources Corporation (NYSE:CRC) declared a quarterly dividend on Monday, August 10th. Stockholders of record on Friday, September 4th will be given a dividend of 0.405 per share by the oil and gas producer on Friday, September 18th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, September 4th.

California Resources has a payout ratio of 45.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect California Resources to earn $2.72 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 59.6%.

California Resources Stock Up 3.4%

CRC stock opened at $53.85 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources has a twelve month low of $43.24 and a twelve month high of $71.98. The stock has a market cap of $4.78 billion, a P/E ratio of -10.36 and a beta of 0.93. The business’s 50-day moving average price is $54.03 and its 200-day moving average price is $58.66.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 earnings per share. On average, equities research analysts forecast that California Resources will post 4.02 EPS for the current year.

Insiders Place Their Bets

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by insiders.

Institutional Trading of California Resources

A number of institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. lifted its holdings in shares of California Resources by 4.3% in the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock worth $209,000 after acquiring an additional 195 shares during the last quarter. Quadrant Capital Group LLC grew its stake in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock worth $75,000 after purchasing an additional 214 shares in the last quarter. iA Global Asset Management Inc. increased its holdings in California Resources by 4.4% during the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after purchasing an additional 230 shares during the period. EverSource Wealth Advisors LLC increased its holdings in California Resources by 13.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after purchasing an additional 268 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in California Resources by 8.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after purchasing an additional 327 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

About California Resources

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.