Occidental Petroleum (OXY) Declares $0.18 Dividend

Occidental Petroleum said on May 4, 2023 that its board of directors declared a regular quarterly dividend of $0.18 per share ($0.72 annualized). Previously, the company paid $0.18 per share.

Shares must be purchased before the ex-div date of June 8, 2023 to qualify for the dividend. Shareholders of record as of June 9, 2023 will receive the payment on July 14, 2023.

At the current share price of $60.69 / share, the stock's dividend yield is 1.19%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.47%, the lowest has been 0.07%, and the highest has been 32.61%. The standard deviation of yields is 5.37 (n=237).

The current dividend yield is 0.43 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.05. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is -0.77%.

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What is the Fund Sentiment?

There are 1912 funds or institutions reporting positions in Occidental Petroleum. This is an increase of 27 owner(s) or 1.43% in the last quarter. Average portfolio weight of all funds dedicated to OXY is 0.52%, an increase of 50.19%. Total shares owned by institutions increased in the last three months by 0.27% to 824,252K shares. The put/call ratio of OXY is 0.95, indicating a bullish outlook.

Analyst Price Forecast Suggests 21.15% Upside

As of April 24, 2023, the average one-year price target for Occidental Petroleum is 73.53. The forecasts range from a low of 55.55 to a high of $97.65. The average price target represents an increase of 21.15% from its latest reported closing price of 60.69.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Occidental Petroleum is 34,516MM, a decrease of 5.78%. The projected annual non-GAAP EPS is 7.76.

What are Other Shareholders Doing?

Berkshire Hathaway holds 194,352K shares representing 21.64% ownership of the company. No change in the last quarter.

Dodge & Cox holds 92,957K shares representing 10.35% ownership of the company. In it's prior filing, the firm reported owning 94,978K shares, representing a decrease of 2.17%. The firm decreased its portfolio allocation in OXY by 9.21% over the last quarter.

DODGX - Dodge & Cox Stock Fund holds 60,554K shares representing 6.74% ownership of the company. No change in the last quarter.

XLE - The Energy Select Sector SPDR Fund holds 21,048K shares representing 2.34% ownership of the company. In it's prior filing, the firm reported owning 21,771K shares, representing a decrease of 3.44%. The firm decreased its portfolio allocation in OXY by 18.44% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 20,724K shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 20,840K shares, representing a decrease of 0.56%. The firm decreased its portfolio allocation in OXY by 5.86% over the last quarter.

Occidental Petroleum Background Information
(This description is provided by the company.)

Occidental is an international energy company with assets in the United States, Middle East, Africa and Latin America. It is one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Its midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Its chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Its Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow its business while reducing emissions. It is committed to using its global leadership in carbon management to advance a lower-carbon world.

This story originally appeared on Fintel.