Earnings Season Looms: Can Occidental Petroleum Deliver?
Occidental Petroleum Corporation (NYSE:OXY) is gearing up to release its third-quarter earnings report on Tuesday, November 12, after the market closes. Analysts anticipate the Houston-based energy giant to post quarterly earnings of 74 cents per share, a significant drop from $1.18 per share in the same period last year.
Revenue Projections and Analyst Insights
The company is expected to report quarterly revenue of $7.23 billion, slightly up from $7.21 billion in the year-ago period, according to data from Benzinga Pro. On November 8, JPMorgan analyst John Royall reinstated Occidental Petroleum with a Neutral rating and set a $56 price target.
Dividend Yield: A Key Consideration
As investors await the earnings report, some may be eyeing potential gains from the company’s dividends. Occidental Petroleum currently offers an annual dividend yield of 1.73%, translating to a quarterly dividend amount of 22 cents per share (88 cents annually).
Crunching the Numbers: How to Generate $500 Monthly
To earn $500 monthly from Occidental Petroleum, investors would need to own approximately 6,818 shares, valued at around $346,423. This calculation assumes a yearly target of $6,000 ($500 x 12 months) and divides it by the company’s $0.88 dividend. For a more conservative goal of $100 monthly, investors would need to own around 1,364 shares, valued at approximately $69,305.
Understanding Dividend Yield Fluctuations
It’s essential to note that dividend yield can change over time due to fluctuations in the dividend payment and stock price. As the stock price changes, the dividend yield will also shift. For instance, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33%.
OXY Price Action
Shares of Occidental Petroleum gained 0.6% to close at $50.81 on Monday. As investors await the earnings report, they’ll be watching closely to see how the company performs and how it may impact their investment decisions.
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