Occidental Petroleum Co. (NYSE:OXY) Plans Quarterly Dividend of $0.22

Occidental Petroleum Co. (NYSE:OXY) declared a quarterly dividend on Wednesday, November 6th,RTT News reports. Stockholders of record on Tuesday, December 10th will be given a dividend of 0.22 per share by the oil and gas producer on Wednesday, January 15th. This represents a $0.88 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Tuesday, December 10th.

Occidental Petroleum has decreased its dividend payment by an average of 4.2% annually over the last three years. Occidental Petroleum has a payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Occidental Petroleum to earn $3.33 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 26.4%.

Occidental Petroleum Price Performance

Shares of OXY opened at $47.54 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a fifty-two week low of $47.20 and a fifty-two week high of $71.18. The company has a market cap of $44.61 billion, a P/E ratio of 12.38 and a beta of 1.57. The firm’s 50 day moving average price is $51.42 and its 200 day moving average price is $56.00.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. UBS Group reduced their price objective on Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Evercore ISI decreased their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. Mizuho reduced their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price objective for the company. Finally, Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $63.25.

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, 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.