Relatively speaking, Helmerich & Payne's (HP +2.08%) new shareholder payout is a gusher. The company on Wednesday declared a big bump in its regular common stock dividend, to $0.50 per share for its Q3, up from $0.15.
It will be paid on Aug. 30 to shareholders of record as of Aug. 15. The amount of the new distribution is more than three times that of the previous one, which was $0.15 per share and was paid at the end of May.
The company quoted CEO Hans Helmerich as saying that "we are pleased to be in position to deliver a meaningful level of yield to our shareholders while retaining a strong ability to continue to pursue growth opportunities."
The new payout annualizes to an even $2.00 per share. That yields 3.2% at Helmerich & Payne's most recent closing stock price of $62.66.
