Occidental Petroleum Corporation to Issue Quarterly Dividend of $0.26 (NYSE:OXY)

Key Points

• Occidental declared a quarterly dividend of $0.26 per share, payable July 15 to shareholders of record (and ex-dividend date) on June 10, implying a $1.04 annualized payout and a ~1.8% yield.
• Dividend coverage and track record look solid: the payout ratio is about 32.9% and the company has raised its dividend for five consecutive years, with analysts forecasting sufficient future earnings to maintain the payout.
• Stock and recent results were mixed: shares fell ~4.1% to $58.07 after the quarter where OXY reported $0.31 EPS (beating estimates) but missed revenue expectations, leaving a P/E near 36.3 and a market cap around $57.6 billion.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) declared a quarterly dividend on Thursday, April 30th. Shareholders of record on Wednesday, June 10th will be given a dividend of 0.26 per share by the oil and gas producer on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, June 10th.

Occidental Petroleum has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 5 years. Occidental Petroleum has a dividend payout ratio of 32.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Occidental Petroleum to earn $3.38 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 30.8%.

Occidental Petroleum Stock Down 4.1%

Shares of Occidental Petroleum stock traded down $2.51 during trading hours on Friday, reaching $58.07. The company's stock had a trading volume of 1,366,696 shares, compared to its average volume of 15,536,287. The stock's fifty day simple moving average is $57.77 and its two-hundred day simple moving average is $47.79. The company has a market capitalization of $57.59 billion, a P/E ratio of 36.30 and a beta of 0.23. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.74 and a current ratio of 0.94. Occidental Petroleum has a one year low of $38.72 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 EPS for the quarter, beating the consensus estimate of $0.18 by $0.13. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $6.02 billion. Occidental Petroleum had a net margin of 9.14% and a return on equity of 9.89%. The firm's revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. On average, research analysts forecast that Occidental Petroleum will post 4.54 earnings per share for the current 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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