Occidental Petroleum (OXY) Announces 1.3% Dividend Hike
Zacks Investment Research | Jul 14, 2016 10:15PM ET
The board of directors of Occidental Petroleum Corporation (NYSE:OXY) has approved a 1.3% increase in its quarterly dividend rate. The revised dividend of 76 cents per share will be distributed on Oct 14, 2016 to shareholders of record at the close of business on Sep 9.
The latest hike marks an increase of a penny from the last dividend rate of 75 cents per share and it reflects management's confidence in the company’s long-range financial strength and performance. The new annualized dividend amounts to $3.04 per share, up from $3.00 paid earlier, resulting in a dividend yield of 3.94%.
Occidental Petroleum’s management has persistently increased its dividend payout for last 14 years and it has been over 41 years that the company has paid quarterly cash dividends.
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