Occidental Petroleum Corporation (NYSE:OXY) Shares to Pay Quarterly Dividend of $0.28

Key Points

• Occidental Petroleum declared a quarterly dividend of $0.28 per share, payable January 15 to shareholders of record on December 10. The annualized dividend is $1.12 per share, representing a 1.7% yield.
• The dividend appears well covered, with a current payout ratio of 35.4% and an expected future payout ratio of 21.8% based on analysts’ projected earnings.
• Occidental reported quarterly EPS of $2.40, beating estimates by $0.57, while revenue rose 53.4% year over year to $8.06 billion. Hedge funds and institutional investors own approximately 88.7% of the company’s shares.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) announced a quarterly dividend on Monday, October 26th. Investors of record on Thursday, December 10th will be given a dividend of $0.28 per share by the oil and gas producer on Friday, January 15th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, December 10th.

Occidental Petroleum has a payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Occidental Petroleum to earn $5.14 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 21.8%.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $64.07 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a fifty day moving average of $59.83 and a 200 day moving average of $55.39. The firm has a market cap of $64.05 billion, a PE ratio of 9.92, a PEG ratio of 0.74 and a beta of 0.24. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company's revenue for the quarter was up 53.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.39 earnings per share. As a group, research analysts predict that Occidental Petroleum will post 6.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. SYM FINANCIAL Corp raised its position in Occidental Petroleum by 91.8% in the third quarter. SYM FINANCIAL Corp now owns 12,844 shares of the oil and gas producer's stock valued at $711,000 after purchasing an additional 6,146 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in Occidental Petroleum by 14.1% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 80,750 shares of the oil and gas producer's stock worth $4,467,000 after acquiring an additional 10,000 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Occidental Petroleum by 1.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 246,074 shares of the oil and gas producer's stock valued at $13,613,000 after acquiring an additional 3,088 shares during the period. Park Avenue Securities LLC boosted its holdings in Occidental Petroleum by 30.2% during the 3rd quarter. Park Avenue Securities LLC now owns 6,803 shares of the oil and gas producer's stock valued at $376,000 after acquiring an additional 1,577 shares during the period. Finally, Miller Howard Investments Inc. NY grew its position in Occidental Petroleum by 1.7% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 88,226 shares of the oil and gas producer's stock valued at $4,881,000 after acquiring an additional 1,441 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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