Scana slashes quarterly dividend 80%

Shares of Scana Corp.
SCG,
+0.83%
dropped 3.8% in premarket trade Thursday, after the South Carolina-based electric and natural gas utility said it slashed its quarterly dividend by 80%. The new quarterly dividend of 12.37 cents a share, down from 61.25 cents a share, will payable July 18 to shareholders of record on July 10. “The board made this reduction to preserve its options as the Company continues to seek a resolution to the recovery of costs for the VC Summer new nuclear construction project,” the company said in a statement. Based on Wednesday’s stock closing price of $36.79, the new annual dividend rate implies a dividend yield of 1.34%, down from 6.66%. That compares with the yields for the SPDR Utilities Select Sector ETF
XLU,
-0.83%
of 3.38% and for the S&P 500
SPX,
-0.03%
of 1.97%. Scana shares have tumbled 46% over the past 12 months, while the utilities ETF has slipped 1.1% and the S&P 500 has gained 11%.

View more information: https://www.marketwatch.com/story/scana-slashes-quarterly-dividend-80-2018-06-28

Articles in category: moneyist
See also  https://www.marketwatch.com/story/women-boots-market-research-report-by-type-by-distribution-by-region---global-forecast-to-2026---cumulative-impact-of-covid-19-2021-06-04?siteid=bigcharts&dist=bigcharts

Leave a Reply

Back to top button