ConocoPhillips Rewards Investors With Dividend Hike & Buyback
Zacks Investment Research | Oct 09, 2019 08:58AM ET
ConocoPhillips (NYSE:COP) recently announced a hike in its quarterly dividend and plans to repurchase of stocks worth $3 billion.
The new dividend of 42 cents per share reflects an increase of 38% from the prior payout. The dividend is likely to be paid on Dec 2, to stockholders of record as of Oct 17. On an annualized basis, the company hiked its dividend by roughly $500 million.
Moreover, ConocoPhillips has announced its intention to buy back stocks worth $3 billion in 2020. Both the dividend hike and share buyback program reflect the company’s strong focus on returning cash to shareholders consistently.
Importantly, the upstream energy player has long been spending capital within cashflows, reflecting the company’s prime intention of returning shareholders’ cash rather than focusing on absolute production growth. In fact, ConocoPhillips has reaffirmed that it will continue to return more than 30% of its operating cashflow every year through both dividend payment and stock repurchases.
In other words, the slowdown in the broader Original post
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