5 Latest Dividend Hikes to Watch

1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

Percentage of Dividend Increase: 1200%

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company that supplies oil and condensate, natural gas liquids, and natural gas. The company raised its dividend by 1200% on February 24. Occidental Petroleum Corporation (NYSE:OXY) reported a $0.13 per share quarterly dividend, up from its prior dividend of $0.01. The dividend is payable on April 15, to shareholders of record on March 10.

Shares of Occidental Petroleum Corporation (NYSE:OXY) surged 11% on February 28 after the company announced plans to buy back $2.5 billion of debt, launching a tender offer to repurchase 15 tranches of notes with maturities in the 2023-2049 range.

On February 24, Occidental Petroleum Corporation (NYSE:OXY) posted its Q4 earnings. The company declared an EPS of $1.48, exceeding estimates by $0.38. Revenue over the period jumped 139.25% year-on-year to $8.01 billion, outperforming market predictions by $618.52 million. 

Barclays analyst Jeanine Wai on January 31 raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $44 from $40 and kept an Overweight rating on the shares. According to the analyst, Occidental Petroleum Corporation (NYSE:OXY) is in a good position to discuss a framework for outsized cash returns alongside earnings.

Among the hedge funds tracked by Insider Monkey, 58 elite funds were bullish Occidental Petroleum Corporation (NYSE:OXY), with combined stakes of $3.8 billion. Icahn Capital LP is the biggest stakeholder of the company, with 45 million shares worth $1.30 billion. 

Here is what Smead Capital Management has to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2021 investor letter:

“Oil stocks dominated our winners for the quarter. We showed that we have unlimited ability to tempt fate by buying into Occidental Petroleum (OXY) this year after it was our biggest loser of 2020. It gained 16.64% during the third quarter.”

You can also take a look at 10 Oil Stocks To Buy Amid Ukraine Crisis and These 10 Companies Just Increased Their Dividends By Over 10%. 

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