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

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

Occidental Petroleum has decreased its dividend by an average of 4.2% per year over the last three years. Occidental Petroleum has a payout ratio of 25.5% meaning its dividend is sufficiently covered by earnings. Equities 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 stock opened at $51.39 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a twelve month low of $49.51 and a twelve month high of $71.18. The company’s 50 day moving average is $52.44 and its two-hundred day moving average is $58.25. The stock has a market cap of $46.54 billion, a P/E ratio of 12.66 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion for 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 firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. Research analysts expect that Occidental Petroleum will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. BMO Capital Markets lowered their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Scotiabank lowered their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Truist Financial lowered their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Stephens restated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Finally, Wolfe Research began coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $65.72.

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.