California Resources startled investors on February 27, 2024, when their board of directors unleashed the news as they declared a regular quarterly dividend of $0.31 per share ($1.24 annualized). This figure continues the company’s tradition, with the last payment standing at the same amount.
The Yield Tale
Shareholders snagging shares as of March 6, 2024, are in luck as they anticipate a payday on March 18, 2024. With the current share price at $53.09, the dividend yield is a modest 2.34%.
Casting a glance back over the past five years reveals that the average dividend yield, spanning a weekly sample, was 2.87%. The yield rode a rollercoaster, plunging to a low of 1.35% while gallivanting to peaks of 9.02%. Such spirited escapades brought about a merry standard deviation of 1.39 (n=154). Whilst taking these historical shenanigans into account, the current dividend yield sits snugly 0.39 standard deviations below the average annual yield.
Furthermore, California Resources exhibits a conservative dividend payout ratio of 0.15. This ratio serves as a guide, divulging how much of the company’s earnings are prancing away in dividends. A ratio surpassing one mirrors a gloomy scenario where a company is forced to dip its toes into savings to sustain dividends – the polar opposite of robust financial health. Companies perched on a low-growth limb are inclined to shower shareholders with most of their earnings, boasting a payout ratio between 0.5 and 1.0. In contrast, entities harboring expansive growth prospects are more likely to stash away some earnings for future endeavors, generally showcasing a payout ratio tipping the scales from zero to 0.5.
The somber 3-Year dividend growth rate for California Resources is marked at -0.14%.
The Sentiment Streets
A flock of 692 funds or institutions recently blew in with positions in California Resources, a surge of 19 owners or 2.82% from the past quarter. The average portfolio weight dedicated to CRC danced to 0.32%, pirouetting with a 4.30% increase. Institutions now cradle 82,187K shares, a 1.93% hike over the last trio of months.
In another district, analysts tip their hats, forecasting a promising 27.19% upside in the stocks. This projection, as of February 24, 2024, outlines the average one-year price target for California Resources at $67.52, with the range flitting between a low of $56.56 and a high of $75.60.
Glimpsing at the investor ensemble, Gimbel Daniel Scott remains a spirited shareholder, clutching 6,247K shares to tout 9.02% ownership of the company, with no shifts in the last quarter.
IJR – iShares Core S&P Small-Cap ETF swooped in with 4,314K shares, commanding a 6.23% ownership cut of the pie. A decrease of 1.47% whispered through the halls, as the firm scaled back its CRC allegiance by 16.79% over the previous quarter.
Kimmeridge Energy Management Company and Lsv Asset Management seasoned the mix with 5.05% and 4.51% ownership stakes, respectively, each retaining status quo or witnessing modest adjustments in the last quarter.
Lsv Asset Management floated in with buoyant numbers, upping their CRC cache by 5.83%, while Ares Management maintained a steady course, embracing 3.90% ownership of the company.
California Resources at a Glance
California Resources Corporation touts itself as the grandest oil and natural gas exploration and production entity in the California realm. Fluttering exclusively within the Golden State, the Company seamlessly integrates infrastructure to harvest, process, and market its bounty. Leaning on advanced technology, California Resources pledges a secure and sustainable supply of affordable energy sourced by and for Californians.
(This report was provided by the company.)
