Occidental Petroleum Co. (NYSE:OXY) to Issue $0.22 Quarterly Dividend

Occidental Petroleum Co. (NYSE:OXY) declared a quarterly dividend on Wednesday, November 6th, RTT News reports. Investors of record on Tuesday, December 10th will be paid a dividend of 0.22 per share by the oil and gas producer on Wednesday, January 15th. This represents a $0.88 annualized dividend and a yield of 1.71%.

Occidental Petroleum has decreased its dividend payment by an average of 4.2% per year over the last three years. Occidental Petroleum has a dividend payout ratio of 25.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Occidental Petroleum to earn $3.77 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 23.3%.

Occidental Petroleum Stock Up 2.0 %

OXY traded up $0.99 during trading hours on Wednesday, hitting $51.39. 19,356,633 shares of the company’s stock were exchanged, compared to its average volume of 9,207,772. Occidental Petroleum has a 1-year low of $49.51 and a 1-year high of $71.18. The stock’s 50-day moving average is $52.55 and its two-hundred day moving average is $58.30. The stock has a market cap of $46.54 billion, a price-to-earnings ratio of 12.72 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 earnings per share. Sell-side analysts predict that Occidental Petroleum will post 3.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets cut their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research note on Friday, October 4th. Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Susquehanna reduced their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a report on Friday, October 18th. Finally, Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $65.72.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.48% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.