Noble Energy's stock tumbles after slashing dividend 83%, cutting capex and furloughing employees [MarketWatch]
NOBLE ENERGY (NBL)
Last noble energy earnings: 2/12 06:45 am
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Source: MarketWatch
Shares of Noble Energy Inc. tumbled 10.4% in morning trade, to pace the decliners among its S&P 500's energy-sector peers, after the oil and gas producer said it was slashing its dividend by 83%, further reducing planned capital expenditures (capex) and implementing employee furloughs and part-time programs, in response to the COVID-19 pandemic and the drop in oil and gas demand and prices. The company declared a quarterly dividend of 2 cents a share, down from a previous payout of 12 cents a share, with the new dividend payable May 26 to shareholders of record on May 11. The new annual dividend rate implies a dividend yield of 1.23% at current stock prices, compared with the yield for the SPDR Energy Select Sector ETF of 7.23% and the implied yield for the S&P 500 of 2.15%. The company is cutting an additional $350 million from its capex budget, which now stands at $800 million to $900 million. As a result, the company will run one rig in the DJ Basin through the rest of the year. No
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