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.
Fool contributor Eric Volkman and The Motley Fool have no position in Comstock Resources. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.