California Resources, the largest oil and natural gas exploration and production company in California, announced on February 27, 2024, that its board of directors declared a regular quarterly dividend of $0.31 per share ($1.24 annualized). This dividend payment is consistent with the previous quarter, maintaining stability for shareholders.
Shareholders of record as of March 6, 2024, will receive the payment on March 18, 2024. At the current share price of $53.09 per share, the stock’s dividend yield stands at 2.34%. Looking back over the past five years, the average dividend yield has been 2.87%, with a low of 1.35% and a high of 9.02%. The current yield is 0.39 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.15, indicating a healthy balance between dividend payments and retained earnings for future growth. The 3-year dividend growth rate is -0.14%, reflecting a slight decrease in dividend payouts over time.
In terms of fund sentiment, there are 692 funds or institutions reporting positions in California Resources, with an average portfolio weight of 0.32%. The put/call ratio of CRC is 4.20, suggesting a bearish outlook. Analyst price forecasts indicate a potential 27.19% upside for the stock, with an average one-year price target of $67.52.
Overall, California Resources continues to provide stable dividends for shareholders while maintaining a strategic balance between payouts and retained earnings for future growth. With positive analyst forecasts and fund sentiment, the company remains a key player in the energy sector.