California Resources (CRC) Declares $0.31 Dividend
California Resources said on February 27, 2024 that its board of directors declared a regular quarterly dividend of $0.31 per share ($1.24 annualized). Previously, the company paid $0.31 per share.
Shareholders of record as of March 6, 2024 will receive the payment on March 18, 2024.
At the current share price of $53.09 / share, the stock's dividend yield is 2.34%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.87%, the lowest has been 1.35%, and the highest has been 9.02%. The standard deviation of yields is 1.39 (n=154).
The current dividend yield is 0.39 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.15. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
- Read the Ultimate Guide to Dividend Harvesting.
The company's 3-Year dividend growth rate is -0.14%.
What is the Fund Sentiment?
There are 692 funds or institutions reporting positions in California Resources. This is an increase of 19 owner(s) or 2.82% in the last quarter. Average portfolio weight of all funds dedicated to CRC is 0.32%, an increase of 4.30%. Total shares owned by institutions increased in the last three months by 1.93% to 82,187K shares. 
The put/call ratio of CRC is 4.20, indicating a bearish outlook.
Analyst Price Forecast Suggests 27.19% Upside
As of February 24, 2024, the average one-year price target for California Resources is 67.52. The forecasts range from a low of 56.56 to a high of $75.60. The average price target represents an increase of 27.19% from its latest reported closing price of 53.09.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for California Resources is 2,658MM, a decrease of 3.94%. The projected annual non-GAAP EPS is 8.01.
What are Other Shareholders Doing?
Gimbel Daniel Scott holds 6,247K shares representing 9.02% ownership of the company. No change in the last quarter.
IJR - iShares Core S&P Small-Cap ETF holds 4,314K shares representing 6.23% ownership of the company. In it's prior filing, the firm reported owning 4,378K shares, representing a decrease of 1.47%. The firm decreased its portfolio allocation in CRC by 16.79% over the last quarter.
Kimmeridge Energy Management Company holds 3,499K shares representing 5.05% ownership of the company. No change in the last quarter.
Lsv Asset Management holds 3,125K shares representing 4.51% ownership of the company. In it's prior filing, the firm reported owning 2,943K shares, representing an increase of 5.83%. The firm decreased its portfolio allocation in CRC by 2.75% over the last quarter.
Ares Management holds 2,699K shares representing 3.90% ownership of the company. No change in the last quarter.
California Resources Background Information
(This description is provided by the company.)
alifornia Resources Corporation is the largest oil and natural gas exploration and production company in California. The Company operates exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, the Company focuses on safely and responsibly supplying affordable energy for California by Californians.
Additional reading:
- CALIFORNIA RESOURCES CORPORATION 2021 LONG TERM INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD TERMS AND CONDITIONS
- CALIFORNIA RESOURCES CORPORATION 2021 LONG TERM INCENTIVE PLAN PERFORMANCE STOCK UNIT AWARD TERMS AND CONDITIONS
- LIST OF OPERATING SUBSIDIARIES
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.