Cabot Oil & Gas Splits Stock 2-for-1, Doubles Dividend

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Independent natural gas producer Cabot Oil & Gas (NYSE: COG  ) announced yesterday it would split its stock 2-for-1 that would be issued to shareholders in the form of a stock dividend. The board of directors said the additional shares will be distributed on August 14 to shareholders of record on August 6.

The board also announced its second-quarter dividend of $0.02 per share pre-split would be doubled to $0.04 per share. The quarterly payout will be paid on August 23 to shareholders of record as of the close of business on August 6.

Now that the stock will have approximately 422 million shares outstanding after the split ,which will increase its liquidity, Cabot Chairman, President, and CEO Dan O. Dinges said, "The Board's decision to double the dividend was due to the Company's long-term prospects for free cash flow generation."  

The regular dividend payment equates to a $0.16-per-share annual dividend, pre-split, yielding 0.2% based on the closing price today of Cabot Oil & Gas's stock.

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Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


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Related Tickers

5/4/2016 4:02 PM
COG $23.84 Down -0.04 -0.17%
Cabot Oil & Gas Co… CAPS Rating: ***