California Resources Co. (NYSE:CRC – Get Free Report) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders of record on Friday, May 31st will be given a dividend of 0.31 per share by the oil and gas producer on Friday, June 14th. This represents a $1.24 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, May 31st.
California Resources has a dividend payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect California Resources to earn $7.10 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 17.5%.
California Resources Price Performance
CRC stock traded up $0.10 during trading on Thursday, reaching $50.19. 742,191 shares of the company were exchanged, compared to its average volume of 853,594. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 6.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The company has a 50-day moving average of $53.83 and a two-hundred day moving average of $52.58. California Resources has a twelve month low of $37.21 and a twelve month high of $58.44.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on CRC. Stifel Nicolaus boosted their price objective on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Mizuho cut their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 target price for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.57.
Check Out Our Latest Stock Report on CRC
California Resources Company Profile
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.
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