Occidental Petroleum Corporation (OXY) Declares $0.77 Quarterly Dividend
Occidental Petroleum Corporation (NYSE:OXY) announced a quarterly dividend on Thursday, October 5th, RTT News reports. Shareholders of record on Monday, December 11th will be given a dividend of 0.77 per share by the oil and gas producer on Tuesday, January 16th. This represents a $3.08 dividend on an annualized basis and a yield of 4.79%.
Occidental Petroleum Corporation has increased its dividend by an average of 16.2% annually over the last three years and has increased its dividend every year for the last 14 years. Occidental Petroleum Corporation has a dividend payout ratio of 428.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Occidental Petroleum Corporation to earn $1.30 per share next year, which means the company may not be able to cover its $3.04 annual dividend with an expected future payout ratio of 233.8%.
Shares of Occidental Petroleum Corporation (NYSE OXY) opened at 64.35 on Friday. The firm has a market cap of $49.20 billion, a P/E ratio of 453.17 and a beta of 0.67. Occidental Petroleum Corporation has a 12-month low of $57.20 and a 12-month high of $75.60. The firm has a 50-day moving average price of $61.51 and a 200-day moving average price of $61.32.
Occidental Petroleum Corporation (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the prior year, the business posted ($0.18) earnings per share. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. On average, equities research analysts expect that Occidental Petroleum Corporation will post $0.65 earnings per share for the current fiscal year.
OXY has been the subject of several recent analyst reports. Cowen and Company reissued a “buy” rating and issued a $75.00 price target on shares of Occidental Petroleum Corporation in a research note on Tuesday, August 22nd. Jefferies Group LLC set a $64.00 price target on Occidental Petroleum Corporation and gave the stock a “hold” rating in a research note on Saturday, July 29th. Scotiabank reissued a “hold” rating and issued a $60.00 price target on shares of Occidental Petroleum Corporation in a research note on Friday, June 30th. BMO Capital Markets reissued a “hold” rating and issued a $65.00 price target on shares of Occidental Petroleum Corporation in a research note on Thursday, June 22nd. Finally, Piper Jaffray Companies set a $55.00 price objective on Occidental Petroleum Corporation and gave the company a “hold” rating in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $65.50.
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In other news, Director William R. Klesse acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was acquired at an average price of $61.58 per share, for a total transaction of $615,800.00. Following the completion of the acquisition, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.
Occidental Petroleum Corporation Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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