Fintel reports that on September 29, 2023, Mizuho reiterated coverage of California Resources Corporation – (NYSE:CRC) with a Buy recommendation.

Analyst Price Forecast Suggests 14.73% Upside

As of August 31, 2023, the average one-year price target for California Resources Corporation – is 64.26. The forecasts range from a low of 56.56 to a high of $71.40. The average price target represents an increase of 14.73% from its latest reported closing price of 56.01.

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The projected annual revenue for California Resources Corporation – is 2,564MM, a decrease of 19.82%. The projected annual non-GAAP EPS is 7.43.

California Resources Corporation – Declares $0.28 Dividend

On July 28, 2023 the company declared a regular quarterly dividend of $0.28 per share ($1.13 annualized). Shareholders of record as of September 1, 2023 received the payment on September 15, 2023. Previously, the company paid $0.28 per share.

At the current share price of $56.01 / share, the stock’s dividend yield is 2.02%.

Looking back five years and taking a sample every week, the average dividend yield has been 2.93%, the lowest has been 1.35%, and the highest has been 9.02%. The standard deviation of yields is 1.48 (n=135).

The current dividend yield is 0.61 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.10. 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.

The company’s 3-Year dividend growth rate is -0.13%.

What is the Fund Sentiment?

There are 620 funds or institutions reporting positions in California Resources Corporation -. This is an increase of 55 owner(s) or 9.73% in the last quarter. Average portfolio weight of all funds dedicated to CRC is 0.36%, an increase of 17.10%. Total shares owned by institutions increased in the last three months by 9.47% to 82,118K shares. The put/call ratio of CRC is 0.39, indicating a bullish outlook.

What are Other Shareholders Doing?

Gimbel Daniel Scott holds 6,248K shares representing 9.06% ownership of the company. In it’s prior filing, the firm reported owning 6,247K shares, representing an increase of 0.02%. The firm increased its portfolio allocation in CRC by 100.79% over the last quarter.

IJR – iShares Core S&P Small-Cap ETF holds 4,936K shares representing 7.16% ownership of the company.

Kimmeridge Energy Management Company holds 3,499K shares representing 5.07% ownership of the company. No change in the last quarter.

Ares Management holds 2,699K shares representing 3.91% ownership of the company. No change in the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,179K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 2,274K shares, representing a decrease of 4.35%. The firm increased its portfolio allocation in CRC by 4.01% over 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.

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.