CVR Energy boosts dividend by 50%
CVR Energy Inc. said Tuesday it will raise its quarterly dividend by 50% to 75 cents a share from 50 cents a share. The new dividend will be payable Aug. 13 to shareholders of record on Aug. 6. Based on the petroleum refining company’s Friday stock closing price of $43.61, the new annual dividend rate of $3.00 would represent a dividend yield of 6.88%, compared with the yield for the SPDR Energy Select Sector ETF of 3.01% and the implied yield for the S&P 500 of 1.94%, according to FactSet. The stock, which was still inactive in premarket trade, had run up 17.1% year to date, while the energy ETF had gained 3.2% and the S&P 500 had edged up 1.8%.
Source : MTV
