SandRidge Energy, an independent oil and natural gas exploration and production company, recently announced a series of financial moves that are sure to please its shareholders. The company declared a special dividend of $2.00 per share, a quarterly payout of $0.10 per share, and a $75 million share buyback plan.
The special dividend of $2.00 per share is a one-time payment that will be made to shareholders on December 4, 2020. This dividend is in addition to the regular quarterly dividend of $0.10 per share that the company has been paying since 2018. The special dividend is a result of the company’s strong financial position and its commitment to returning value to its shareholders.
The quarterly payout of $0.10 per share will continue to be paid to shareholders on a regular basis. This payout represents a yield of approximately 3.5% based on the current stock price. The company has been paying this dividend since 2018 and has consistently maintained it despite the challenges faced by the energy industry.
The $75 million share buyback plan is another move that is aimed at returning value to shareholders. Under this plan, the company will repurchase its own shares from the market. This will reduce the number of outstanding shares, which will increase the value of each remaining share. The buyback plan is expected to be completed by the end of 2021.
SandRidge Energy’s CEO, Carl Giesler Jr., said in a statement, “We are pleased to announce these actions, which demonstrate our commitment to returning value to our shareholders. Our strong financial position allows us to make these moves while continuing to invest in our business and pursue growth opportunities.”
The announcement of these financial moves comes at a time when the energy industry is facing significant challenges due to the COVID-19 pandemic and the resulting economic downturn. Many companies in the industry have had to cut their dividends or suspend them altogether. SandRidge Energy’s decision to maintain its dividend and declare a special dividend is a testament to the company’s financial strength and its commitment to its shareholders.
In conclusion, SandRidge Energy’s announcement of a special dividend, quarterly payout, and share buyback plan is good news for its shareholders. These moves demonstrate the company’s commitment to returning value to its shareholders and its confidence in its financial position. Despite the challenges faced by the energy industry, SandRidge Energy is well-positioned to weather the storm and emerge stronger in the long run.
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- Source: Plato Data Intelligence: PlatoData