Occidental Petroleum Corporation (OXY) To Go Ex-Dividend on September 8th
Occidental Petroleum Corporation (NYSE:OXY) announced a quarterly dividend on Thursday, July 13th, RTT News reports. Stockholders of record on Monday, September 11th will be given a dividend of 0.77 per share by the oil and gas producer on Monday, October 16th. This represents a $3.08 annualized dividend and a dividend yield of 5.15%. The ex-dividend date of this dividend is Friday, September 8th. This is a positive change from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76.
Occidental Petroleum Corporation has increased its dividend by an average of 16.2% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Occidental Petroleum Corporation has a payout ratio of 447.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Occidental Petroleum Corporation to earn $1.30 per share next year, which means the company may not be able to cover its $3.04 annual dividend with an expected future payout ratio of 233.8%.
Shares of Occidental Petroleum Corporation (OXY) opened at 59.75 on Friday. The stock’s 50 day moving average price is $60.46 and its 200 day moving average price is $61.68. The firm has a market cap of $45.68 billion, a PE ratio of 420.77 and a beta of 0.66. Occidental Petroleum Corporation has a 12-month low of $57.20 and a 12-month high of $78.17.
Occidental Petroleum Corporation (NYSE:OXY) last announced its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the business earned ($0.18) EPS. The company’s revenue was up 40.9% on a year-over-year basis. On average, equities research analysts predict that Occidental Petroleum Corporation will post $0.67 EPS for the current fiscal year.
A number of equities analysts have recently weighed in on the stock. Jefferies Group LLC set a $64.00 price target on shares of Occidental Petroleum Corporation and gave the stock a “hold” rating in a research note on Saturday, July 29th. Barclays PLC set a $38.00 price target on shares of Occidental Petroleum Corporation and gave the stock a “sell” rating in a research note on Friday, August 4th. Zacks Investment Research raised shares of Occidental Petroleum Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. BidaskClub raised shares of Occidental Petroleum Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $80.00 price target (down from $83.00) on shares of Occidental Petroleum Corporation in a research note on Thursday, May 11th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $65.14.
In other news, CFO Cedric W. Burgher purchased 1,700 shares of the firm’s stock in a transaction on Wednesday, June 7th. The stock was bought at an average cost of $59.85 per share, for a total transaction of $101,745.00. Following the completion of the acquisition, the chief financial officer now directly owns 44,124 shares of the company’s stock, valued at $2,640,821.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William R. Klesse purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $61.58 per share, with a total value of $615,800.00. Following the completion of the acquisition, the director now directly owns 70,692 shares of the company’s stock, valued at $4,353,213.36. The disclosure for this purchase can be found here. Corporate insiders own 0.32% of the company’s stock.
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About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) 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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