Occidental Petroleum Co. (NYSE:OXY) declared a quarterly dividend on Thursday, February 28th, Wall Street Journal reports. Stockholders of record on Monday, March 11th will be paid a dividend of 0.78 per share by the oil and gas producer on Monday, April 15th. This represents a $3.12 annualized dividend and a dividend yield of 4.72%. The ex-dividend date is Friday, March 8th.
Occidental Petroleum has increased its dividend by an average of 1.7% per year over the last three years and has raised its dividend annually for the last 16 consecutive years. Occidental Petroleum has a dividend payout ratio of 62.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Occidental Petroleum to earn $3.06 per share next year, which means the company may not be able to cover its $3.12 annual dividend with an expected future payout ratio of 102.0%.
NYSE:OXY traded down $0.50 during mid-day trading on Thursday, hitting $66.15. The company had a trading volume of 3,847,981 shares, compared to its average volume of 4,580,399. Occidental Petroleum has a fifty-two week low of $56.83 and a fifty-two week high of $87.67. The company has a current ratio of 1.33, a quick ratio of 1.17 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $50.32 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.41 and a beta of 0.88.
Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. Occidental Petroleum had a return on equity of 18.17% and a net margin of 21.87%. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 33.8% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum will post 3.19 earnings per share for the current year.
OXY has been the topic of a number of research analyst reports. Citigroup dropped their price target on Occidental Petroleum from $97.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, November 14th. Morgan Stanley dropped their price target on Occidental Petroleum from $96.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, November 20th. Argus reaffirmed a “buy” rating and set a $97.00 price target on shares of Occidental Petroleum in a research report on Monday, November 26th. Mizuho reaffirmed a “buy” rating and set a $82.00 price target on shares of Occidental Petroleum in a research report on Wednesday, February 13th. Finally, Capital One Financial lowered Occidental Petroleum from an “overweight” rating to an “equal weight” rating in a research report on Thursday, December 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $83.78.
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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 and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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