Summary
Chesapeake Energy Corporation (CHK) announced on June 6, 2003, a significant increase in its common stock dividend, raising the quarterly payment to $0.035 per share, which represents a 17% increase from the previous annual rate. This move reflects a positive outlook and commitment to returning value to shareholders. The company also declared quarterly dividends for its two series of preferred stock. These dividend declarations signal management's confidence in the company's financial health and future prospects, particularly as an independent natural gas producer with operations primarily in the Mid-Continent region. Investors should view this dividend increase as a positive indicator of stable operations and potential for continued growth. The specific record and payment dates for both common and preferred stock dividends are provided, allowing shareholders to track their eligibility for these payments.
Key Highlights
- 1Chesapeake Energy Corporation declared a quarterly common stock dividend of $0.035 per share, an increase of $0.005 per share from the previous quarter.
- 2The quarterly common stock dividend translates to an annualized rate of $0.14 per share, representing a 17% increase from the prior annual rate of $0.12 per share.
- 3The common stock dividend will be paid on July 15, 2003, to shareholders of record as of July 1, 2003.
- 4The company has approximately 214 million common shares outstanding.
- 5Quarterly cash dividends were also declared for Chesapeake's 6.75% Cumulative Convertible Preferred Stock ($0.84375 per share) and 6.0% Cumulative Convertible Preferred Stock ($0.75 per share).
- 6The preferred stock dividends have different record and payment dates in August and September 2003.