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Occidental Petroleum Corporation stock price
Occidental Petroleum Corporation latest news:
Occidental Petroleum's profit beats as prices for chemicals jump
U.S. oil producer Occidental Petroleum Corp (OXY) posted a better-than-expected quarterly profit on Wednesday, helped in part by a price hike at its chemical division. The company posted net income of $507 million, or 66 cents per share in the second quarter, compared to a net loss of $139 million, or 18 cents per share, in the year-ago quarter.
Occidental Petroleum raises dividend by a penny
Occidental Petroleum Corp. said Thursday it will raise its quarterly dividend by a penny, or 1.3%, to 77 cents share. The oil and gas exploration company said the new dividend will be payable Oct. 16 to shareholders of record on Sept. 11. At current stock prices, the new annual dividend rate of $3.08 a share implies a dividend yield of 5.20%, compared with the SPDR Energy Select Sector's yield of 2.59% and the S&P 500's implied yield of 1.99%. "The dividend increase reflects our commitment to growing Occidental's dividend annually for our shareholders, and our confidence in the company's financial strength and future performance," said Occidental Chairman Eugene Batchelder. The stock, which inched up 0.1% in afternoon trade, has dropped 17% year to date, while the energy ETF has lost 14% and the S&P 500 has gained 9.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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