Occidental Petroleum Co. (NYSE:OXY) declared a quarterly dividend on Wednesday, July 10th, RTT News reports. Shareholders of record on Tuesday, September 10th will be paid a dividend of 0.79 per share by the oil and gas producer on Tuesday, October 15th. This represents a $3.16 annualized dividend and a dividend yield of 6.26%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78.
Occidental Petroleum has raised its dividend payment by an average of 1.7% annually over the last three years and has raised its dividend annually for the last 16 consecutive years. Occidental Petroleum has a payout ratio of 63.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Occidental Petroleum to earn $3.39 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 93.2%.
Shares of OXY stock opened at $50.44 on Friday. The company has a 50 day moving average of $50.07. Occidental Petroleum has a twelve month low of $47.00 and a twelve month high of $85.07. The stock has a market cap of $37.57 billion, a P/E ratio of 10.07, a P/E/G ratio of 2.70 and a beta of 0.83. The company has a quick ratio of 1.03, a current ratio of 1.23 and a debt-to-equity ratio of 0.50.
A number of analysts recently weighed in on OXY shares. Raymond James restated an “average” rating and issued a $0.75 price target on shares of in a research note on Thursday, May 23rd. Zacks Investment Research downgraded Genprex from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Wells Fargo & Co downgraded Occidental Petroleum from an “outperform” rating to a “market perform” rating in a research note on Monday, May 20th. Oppenheimer set a $68.00 price target on ITT and gave the company a “buy” rating in a research note on Wednesday, March 27th. Finally, Jefferies Financial Group restated a “buy” rating and issued a GBX 265 ($3.46) price target on shares of WM Morrison Supermarkets in a research note on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.48.
In other news, CFO Cedric W. Burgher acquired 4,100 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $49.61 per share, with a total value of $203,401.00. Following the completion of the acquisition, the chief financial officer now owns 76,842 shares in the company, valued at approximately $3,812,131.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marcia E. Backus acquired 10,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average cost of $48.09 per share, with a total value of $480,900.00. Following the completion of the acquisition, the senior vice president now owns 101,248 shares of the company’s stock, valued at approximately $4,869,016.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 80,660 shares of company stock valued at $3,893,851. 0.15% of the stock is currently owned by insiders.
About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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