Occidental Petroleum Corporation (NYSE:OXY) to Issue Dividend Increase – $0.28 Per Share

Occidental Petroleum Corporation (NYSE:OXY) announced a quarterly dividend on Wednesday, August 5th. Shareholders of record on Thursday, September 10th will be paid a dividend of 0.28 per share by the oil and gas producer on Thursday, October 15th. This represents a c) dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, September 10th. This is a 7.7% increase from Occidental Petroleum’s previous quarterly dividend of $0.26.

Occidental Petroleum has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Occidental Petroleum has a payout ratio of 32.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Occidental Petroleum to earn $3.72 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 28.0%.

Occidental Petroleum Stock Up 3.8%

Occidental Petroleum stock traded up $2.03 during trading on Thursday, hitting $55.84. 10,345,132 shares of the company were exchanged, compared to its average volume of 13,290,416. The company has a market capitalization of $55.54 billion, a P/E ratio of 14.17, a PEG ratio of 0.81 and a beta of 0.15. The business’s 50 day moving average is $54.25 and its 200 day moving average is $54.29. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The firm had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the firm earned $0.39 EPS. The business’s revenue for the quarter was up 53.4% compared to the same quarter last year. Analysts predict that Occidental Petroleum will post 5.35 earnings per share for the current year.

Occidental Petroleum Company Profile

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.