It's taken quite some time, but Comstock Resources (NYSE:CRK) is finally returning money to holders of its common stock in the form of a dividend. The storied firm announced it will make its first such distribution on June 15, to the tune of $0.125 per share. Holders of record as of May 31 will be eligible for the payout.
That dividend annualizes to $0.50 per share. That yields 2.9% at Comstock's current stock price of $17.35.
The company said in the press release announcing the move that it intends to continue paying quarterly distributions.
Comstock also announced it has authorized a share repurchase program of up to $100 million worth of stock. The firm stressed that the authorization does not mandate the purchase of a specific number of shares.