Occidental Petroleum Corporation (OXY) to Issue Quarterly Dividend of $0.28 on October 15th

Occidental Petroleum Corporation (NYSE:OXY) declared a quarterly dividend on Wednesday, August 5th. Investors of record on Thursday, September 10th will be given a dividend of 0.28 per share by the oil and gas producer on Thursday, October 15th. This represents a c) dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, September 10th. This is a 7.7% increase from Occidental Petroleum’s previous quarterly dividend of $0.26.

Occidental Petroleum has increased its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Occidental Petroleum has a dividend payout ratio of 32.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Occidental Petroleum to earn $3.74 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 27.8%.

Occidental Petroleum Trading Up 4.0%

Shares of OXY opened at $55.96 on Friday. The firm has a market cap of $55.66 billion, a P/E ratio of 8.66, a price-to-earnings-growth ratio of 0.79 and a beta of 0.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum has a 1 year low of $38.80 and a 1 year high of $67.45. The company has a 50 day simple moving average of $54.22 and a two-hundred day simple moving average of $54.38.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.93%. Occidental Petroleum’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, equities analysts expect that Occidental Petroleum will post 5.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Barclays raised their price target on Occidental Petroleum from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday. Jefferies Financial Group raised their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, April 13th. Capital One Financial lifted their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Stephens reduced their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Finally, UBS Group decreased their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $64.30.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.