Occidental Petroleum Corporation (NYSE:OXY) Announces Quarterly Dividend of $0.28

Key Points

• Occidental Petroleum raised its quarterly dividend 7.7% to $0.28 per share, payable October 15 to shareholders of record September 10; the dividend implies an approximately 2.0% yield.
• The dividend appears well covered, with a current payout ratio of 32.9% and an expected future payout ratio of 28.0% based on projected earnings.
• Occidental reported quarterly adjusted earnings of $2.40 per share, beating estimates of $1.83, while revenue rose 53.4% year over year to $8.06 billion.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) announced a quarterly dividend on Wednesday, August 5th. Investors of record on Thursday, September 10th will be given a dividend of 0.28 per share by the oil and gas producer on Thursday, October 15th. This represents a c) annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, September 10th. This is a 7.7% increase from Occidental Petroleum's previous quarterly dividend of $0.26.

Occidental Petroleum has increased its dividend by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 5 years. Occidental Petroleum has a dividend payout ratio of 32.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Occidental Petroleum to earn $3.72 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 28.0%.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock traded up $2.03 on Thursday, reaching $55.84. 10,345,132 shares of the stock were exchanged, compared to its average volume of 13,290,416. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. The firm has a market cap of $55.54 billion, a PE ratio of 14.17, a P/E/G ratio of 0.81 and a beta of 0.15. The firm's 50 day moving average is $54.25 and its 200-day moving average is $54.29. 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 released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share 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 return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. As a group, analysts anticipate that Occidental Petroleum will post 5.35 EPS for the current fiscal year.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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