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

Occidental Petroleum Co. (NYSE:OXY) announced a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Stockholders of record on Tuesday, September 10th will be given a dividend of 0.22 per share by the oil and gas producer on Tuesday, October 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Tuesday, September 10th.

Occidental Petroleum has decreased its dividend by an average of 4.2% per year over the last three years. Occidental Petroleum has a dividend payout ratio of 18.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Occidental Petroleum to earn $4.85 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 18.1%.

Occidental Petroleum Stock Performance

NYSE OXY opened at $60.55 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The stock has a 50-day moving average of $61.58 and a 200 day moving average of $62.00. The stock has a market capitalization of $53.69 billion, a price-to-earnings ratio of 16.54 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business’s revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 EPS. Sell-side analysts anticipate that Occidental Petroleum will post 3.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OXY shares. Wolfe Research started coverage on Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target on the stock. Stephens decreased their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. HSBC began coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 price target on the stock. Truist Financial cut their price objective on shares of Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a report on Monday, July 22nd. Finally, Barclays assumed coverage on Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price target on the stock. Ten research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.31.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the stock in a transaction dated Friday, June 7th. The stock was acquired at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired 4,656,747 shares of company stock worth $278,664,028 over the last three months. Company insiders own 0.31% of the company’s stock.

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.