New Dividend Announcement
California Resources revealed on February 27, 2024, that its board of directors sanctioned a consistent quarterly dividend of $0.31 per share ($1.24 yearly). This announcement signaled a continuation of the company’s previous dividend payment of $0.31 per share. Shareholders on record as of March 6, 2024, are slated to 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%.
Historical Dividend Performance
Retrospectively, over the past five years with data collected weekly, the average dividend yield has hovered at 2.87%, with the lowest recorded at 1.35% and the highest at an impressive 9.02%. The standard deviation of these yields tallies at 1.39, calculated from 154 data points. Interestingly, the current dividend yield lags 0.39 standard deviations below the historical average.
Insight into Dividend Payout Ratio
Furthermore, California Resources boasts a modest dividend payout ratio of 0.15. This metric reveals the proportion of the company’s income distributed as dividends, with a payout ratio of 1.0 indicating 100% of income channeled towards dividends. Lower ratios suggest retained earnings for growth initiatives, while ratios exceeding 1.0 signal unsustainable dividend practices. The company’s 3-Year dividend growth rate rests at -0.14%, offering investors a holistic view of its dividend strategy.
Fund and Analyst Sentiment
Currently, there are 692 funds or institutions with stakes in California Resources, marking a 2.82% increase quarter-over-quarter. The average portfolio weight dedicated to CRC sits at 0.32%, boasting a 4.30% uptick. Institutions collectively own 82,187K shares, illustrating a 1.93% surge in the last three months. Intriguingly, the put/call ratio of CRC stands at 4.20, signaling a bearish sentiment among investors.
The analyst consensus regarding California Resources suggests a potential 27.19% upside, with an average one-year price target of $67.52. Forecasts range from $56.56 to $75.60, reflecting optimism towards the company’s future performance.
Institutional Holdings Overview
Among notable shareholders, Gimbel Daniel Scott retains 6,247K shares, equivalent to a 9.02% stake in the company. Meanwhile, IJR – iShares Core S&P Small-Cap ETF holds 4,314K shares, representing a 6.23% ownership. Lsv Asset Management saw an increase in its holdings by 5.83%, accumulating 3,125K shares.
Company Background
California Resources Corporation serves as the primary oil and natural gas exploration and production entity in California. Operating solely within the state boundaries, the company leverages integrated infrastructure to extract, refine, and market its resources. With a focus on safe and sustainable energy provision, California Resources pursues affordable energy solutions tailored for Californians.
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The views and opinions expressed are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
