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Market Update (NYSE:OXY): Occidental Petroleum Announces Dividend

[Business Wire] – Occidental Petroleum Corporation said today that its Board of Directors has declared a regular quarterly dividend of $.75 per share on common stock payable on July 15, 2016, to stockholders of record as of June 10, 2016. Read more on this. Occidental Petroleum Corporation (OXY) , with a current market cap of $58.22B, opened at $77.71. Looking at the equity, the company’s one day range is $75.83 to $77.71 and has traded between $58.24 and $82.02 over the past 12 months. Priced at -138.43x this year’s forecasted earnings, OXY shares are relatively inexpensive compared to the industry’s 3.39x forward p/e ratio. And for passive income investors, the company pays shareholders $3.00 per share annually in dividends, yielding 3.99%. Consensus earnings for the current quarter by the 23 sell-side analysts covering the stock is an estimate of $-0.40 per share, which would be $0.04 better than the year-ago quarter and a $0.00 sequential increase. What we find to be interesting is that the full-year EPS estimate of $-0.56 is a $0.68 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.35 Billion. If reported, that would be a 24.19% decrease over the year-ago quarter. In terms of ratings, Jefferies downgraded OXY from Buy to Hold (Jan 12, 2016). Previously, Iberia downgraded OXY from Outperform to Sector Perform. With the above information in mind, readers should note that the average price target is $74.92, which is 3.59% below where the stock opened this morning. See more in (NYSE:OXY) Similar Articles: Market Update (NYSE:OXY): Occidental Petroleum Announces Regular Quarterly Dividend Company Update: Occidental Petroleum Corporation (NYSE:OXY) – Occidental Petroleum Announces 4th Quarter 2015 Results Company Update: Occidental Petroleum Corporation (NYSE:OXY) – Occidental Petroleum and the Republic of Ecuador Reach Understanding on Terms of Payment of ICSID Award
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