Occidental Petroleum Co. (OXY) To Go Ex-Dividend on March 10th

Occidental Petroleum Co. (NYSE:OXY) announced a quarterly dividend on Tuesday, February 18th, Wall Street Journal reports. Stockholders of record on Monday, March 10th will be paid a dividend of 0.24 per share by the oil and gas producer on Tuesday, April 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, March 10th. This is a 9.1% increase from Occidental Petroleum’s previous quarterly dividend of $0.22.

Occidental Petroleum has raised its dividend payment by an average of 180.2% per year over the last three years. Occidental Petroleum has a payout ratio of 23.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 3.4 %

Shares of OXY stock opened at $47.26 on Friday. The company has a market capitalization of $44.35 billion, a price-to-earnings ratio of 19.37 and a beta of 1.51. Occidental Petroleum has a 12-month low of $44.70 and a 12-month high of $71.18. The firm has a fifty day moving average of $49.27 and a 200-day moving average of $50.72. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The business had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. As a group, equities research analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OXY. Citigroup cut their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Raymond James raised their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 21st. Wells Fargo & Company restated an “equal weight” rating on shares of Occidental Petroleum in a research note on Friday, February 21st. TD Cowen cut their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Truist Financial raised their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.50.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders have purchased 6,854,394 shares of company stock valued at $315,101,532. 0.31% of the stock is owned by insiders.

Occidental Petroleum Company Profile

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.