Occidental Petroleum Corporation (NYSE:OXY) Raises Dividend to $0.28 Per Share

Occidental Petroleum Corporation (NYSE:OXY) announced a quarterly dividend on Wednesday, August 5th. Shareholders 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 raised 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% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Occidental Petroleum to earn $3.72 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 28.0%.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded up $2.21 during midday trading on Thursday, hitting $56.02. The company had a trading volume of 10,975,863 shares, compared to its average volume of 13,292,304. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The stock has a market cap of $55.72 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 0.81 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. The business’s 50-day simple moving average is $54.25 and its 200-day simple moving average is $54.29.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, research analysts predict that Occidental Petroleum will post 5.35 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on OXY. The Goldman Sachs Group decreased their price target on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating for the company in a report on Friday, May 8th. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Roth Capital increased their target price on shares of Occidental Petroleum from $45.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Susquehanna upped their price target on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $64.30.

About Occidental Petroleum

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.