Occidental Petroleum Co. (NYSE:OXY) to Issue $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 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Tuesday, December 10th.

Occidental Petroleum has decreased its dividend payment by an average of 4.2% annually over the last three years. Occidental Petroleum has a payout ratio of 25.5% indicating that its dividend is sufficiently covered by earnings. 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 Performance

Shares of OXY stock opened at $51.21 on Friday. The firm has a market cap of $46.38 billion, a PE ratio of 12.61 and a beta of 1.58. Occidental Petroleum has a 12 month low of $49.51 and a 12 month high of $71.18. The company’s fifty day simple moving average is $52.44 and its 200-day simple moving average is $58.25. 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 posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. Equities research analysts expect that Occidental Petroleum will post 3.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OXY shares. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Stephens reissued an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research report on Thursday, August 8th. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group started coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Finally, BMO Capital Markets reduced their target price on 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. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.72.

Insider Buying and Selling

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by company insiders.

Occidental Petroleum Company Profile

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.