Royal Dutch Shell: Strong Performance Overshadowed By Disappointing Dividend Cut [Seeking Alpha]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
US:NYSE Investor Relations:
shell.com/investors.html
Company Research
Source: Seeking Alpha
SummaryRoyal Dutch Shell released surprising results for the first quarter of 2020, both in positive and negative ways.The positive surprise was that their financial performance was strong considering the tough operating conditions, whereas the negative surprise was that they already reduced their dividend.Given this strong performance it seems rather premature to reduce their dividend right at the beginning, as they have ample financial strength to wait and see how the future transpires.Nevertheless this financial strength and history of covering their previous dividend provides a solid base for them to reinstate it once conditions recover.Given this I maintain my bullish rating, despite being rather disappointed by their haste.IntroductionUpon openingthe first quarter of 2020 resultsRDS.ARDS.Breduce their dividend significantlyDividend CoverageWhen assessing dividend coverage, I prefer to forgo using earnings per share and use free cash flow instead, since dividends are paid from ca
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