Continental Resources' stock soars after initiation of dividend and $1 billion buyback program [MarketWatch]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: MarketWatch
Continental Resources' stock soars after initiation of dividend and $1 billion buyback program Shares of Continental Resources Inc. CLR, +14.65% rocketed 13.1% in morning trade Tuesday, putting them on track for the biggest one-day gain in 2 1/2 years, after the oil producer initiated paying a dividend and implemented a $1 billion stock repurchase program. The rally comes after the stock closed Friday at the lowest level since September 2017. The company said late Monday that it will pay a quarterly dividend of 5 cents a share, payable on Nov. 21 to stockholders of record on Nov. 7. Based on current share prices, the new annual dividend rate implies a yield of 0.51%, compared with the yield on the SPDR Energy Select Sector ETF XLE, +1.71% of 3.43% and the implied yield on the S&P 500 SPX, +1.63% of 2.08%. And the share repurchase program, which will begin in the second quarter and continue through 2020, could represent up to 6.7% of the shares outstanding. "This demonstrates th
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