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

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders of record on Monday, June 10th will be given a dividend of 0.22 per share by the oil and gas producer on Monday, July 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Monday, June 10th.

Occidental Petroleum has decreased its dividend payment by an average of 4.2% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Occidental Petroleum has a dividend payout ratio of 19.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Occidental Petroleum to earn $5.04 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 17.5%.

Occidental Petroleum Trading Up 0.3 %

Occidental Petroleum stock traded up $0.21 during mid-day trading on Thursday, hitting $64.66. The company's stock had a trading volume of 5,489,010 shares, compared to its average volume of 8,519,972. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The stock has a market cap of $57.32 billion, a price-to-earnings ratio of 16.54 and a beta of 1.64. The business has a 50 day moving average price of $64.72 and a 200-day moving average price of $61.43. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.61 earnings per share. As a group, analysts forecast that Occidental Petroleum will post 3.85 EPS for the current year.

Analyst Ratings Changes

OXY has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Occidental Petroleum from $62.00 to $70.00 and gave the company an "equal weight" rating in a research report on Thursday, April 11th. Raymond James cut their price objective on shares of Occidental Petroleum from $70.00 to $68.00 and set a "strong-buy" rating on the stock in a report on Wednesday, January 24th. Stephens restated an "overweight" rating and issued a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. Mizuho upped their price objective on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, April 11th. Finally, Barclays assumed coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They issued an "equal weight" rating and a $73.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $71.94.

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.