Occidental Petroleum Corp. (OXY) Shares Up 1.8% Following Dividend Announcement
Shares of Occidental Petroleum Corp. (NYSE:OXY) shot up 1.8% during trading on Thursday after the company announced a dividend. The stock traded as high as $74.00 and last traded at $73.85, with a volume of 3,130,770 shares. The stock had previously closed at $72.54.
The newly announced dividend which will be paid on Friday, January 13th. Shareholders of record on Friday, December 9th will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 4.13%. Occidental Petroleum Corp.’s dividend payout ratio (DPR) is presently -29.57%.
Several brokerages have commented on OXY. Jefferies Group reiterated a “hold” rating on shares of Occidental Petroleum Corp. in a report on Thursday, September 8th. Barclays PLC raised their price objective on shares of Occidental Petroleum Corp. from $60.00 to $61.00 and gave the stock an “underweight” rating in a research note on Thursday, July 14th. Credit Suisse Group AG restated a “hold” rating and issued a $72.00 price objective on shares of Occidental Petroleum Corp. in a research note on Monday, September 12th. JPMorgan Chase & Co. downgraded shares of Occidental Petroleum Corp. from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $76.11 to $78.00 in a research note on Monday, September 12th. They noted that the move was a valuation call. Finally, Raymond James Financial Inc. downgraded shares of Occidental Petroleum Corp. from a “strong-buy” rating to an “outperform” rating and set a $85.00 price objective on the stock. in a research note on Thursday, July 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $76.06.
The company’s market capitalization is $56.18 billion. The stock’s 50-day moving average price is $74.30 and its 200 day moving average price is $74.40.
Occidental Petroleum Corp. (NYSE:OXY) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.18). The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.73 billion. Occidental Petroleum Corp. had a negative return on equity of 2.64% and a negative net margin of 71.82%. Occidental Petroleum Corp.’s quarterly revenue was down 27.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Equities analysts anticipate that Occidental Petroleum Corp. will post ($0.71) EPS for the current year.
In related news, Director Stephen I. Chazen sold 5,000 shares of Occidental Petroleum Corp. stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $76.24, for a total transaction of $381,200.00. Following the transaction, the director now owns 1,750,119 shares of the company’s stock, valued at $133,429,072.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen I. Chazen sold 9,000 shares of Occidental Petroleum Corp. stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $70.50, for a total value of $634,500.00. Following the transaction, the director now directly owns 1,646,119 shares in the company, valued at approximately $116,051,389.50. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kistler Tiffany Companies LLC boosted its position in shares of Occidental Petroleum Corp. by 1.4% in the second quarter. Kistler Tiffany Companies LLC now owns 1,346 shares of the company’s stock valued at $102,000 after buying an additional 19 shares during the last quarter. First New York Securities LLC NY acquired a new stake in shares of Occidental Petroleum Corp. during the second quarter worth approximately $110,000. LSV Asset Management acquired a new stake in shares of Occidental Petroleum Corp. during the second quarter worth approximately $111,000. Oakworth Capital Inc. raised its stake in shares of Occidental Petroleum Corp. by 7.0% in the second quarter. Oakworth Capital Inc. now owns 1,521 shares of the company’s stock worth $115,000 after buying an additional 100 shares during the period. Finally, SevenBridge Financial Group LLC acquired a new stake in shares of Occidental Petroleum Corp. during the second quarter worth approximately $121,000. 80.80% of the stock is currently owned by institutional investors.
About Occidental Petroleum Corp.
Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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