Oil and natural gas producer SandRidge Energy (NYSE: SD) announced yesterday its semi-annual dividend for its 6% convertible perpetual preferred stock, at $3 per share.
The board of directors said the quarterly dividend is payable on July 15 to the holders of record at the close of business on July 1. SandRidge has 2 million shares of 6% preferred stock outstanding. The preferred shares were issued in December 2009, and five years after their issuance, or Dec. 21, 2014, all outstanding shares of the convertible preferred stock will be converted automatically into common stock at then-prevailing conversion prices.
SandRidge Energy does not pay a regular dividend on its common stock.
