Occidental Petroleum Corporation Declares Quarterly Dividend of $0.24 (NYSE:OXY)

Key Points

• Occidental Petroleum Corporation announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.16%, to be paid on October 15th to stockholders of record by September 10th.
• The company reported quarterly earnings of $0.87 per share, exceeding analysts' estimates, while its quarterly revenue increased by 13.9% year-over-year to $6.80 billion.
• Institutional investors hold 88.70% of Occidental Petroleum's stock, with Woodline Partners LP recently increasing its holdings by 40.7% in the first quarter.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) declared a quarterly dividend on Wednesday, July 30th, RTT News reports. Investors of record on Wednesday, September 10th will be paid a dividend of 0.24 per share by the oil and gas producer on Wednesday, October 15th. This represents a c) dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th.

Occidental Petroleum has a payout ratio of 30.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Occidental Petroleum to earn $3.85 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 24.9%.

Occidental Petroleum Price Performance

OXY traded down $0.68 on Friday, reaching $43.26. The company had a trading volume of 8,210,945 shares, compared to its average volume of 12,041,037. The company has a fifty day moving average of $43.69 and a 200-day moving average of $44.73. The company has a market capitalization of $42.57 billion, a P/E ratio of 17.59 and a beta of 0.84. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90. Occidental Petroleum has a one year low of $34.78 and a one year high of $59.31.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The company had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. During the same quarter last year, the firm posted $0.63 EPS. The business's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current year.

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.