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Deleted. Duplicate post on Empire.
2022 Dividend/distribution Changes
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"Same-store sales excluding fuel decreased by 2.5% compared to COVID-elevated sales levels last year"
I suspect this is the reason for the drop.
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Crescent Point Increases Quarterly Dividend, Provides Updated Return of Capital Framework and Releases Sust... (tmx.com)
"The Company's Board of Directors has approved and declared a third quarter 2022 base dividend increase to $0.08 per share to be paid on October 3, 2022 to shareholders of record on September 15, 2022. This equates to an annualized base dividend of $0.32 per share, representing an increase of over 20 percent from the prior level and marking Crescent Point's fourth dividend increase in less than one year. The Company's dividend policy and payout ratio are based on its framework which targets dividend sustainability at lower commodity prices, allows for flexibility in its capital allocation process and provides the potential to grow the base dividend over time.
Given continued improvement in Crescent Point's financial position and outlook, the Company is seeking to further increase its current return of capital offering. On a quarterly basis and beginning in third quarter 2022, Crescent Point will target the return of up to 50 percent of its discretionary excess cash flow to shareholders. Discretionary excess cash flow is calculated as excess cash flow less base dividends."
"The Company's Board of Directors has approved and declared a third quarter 2022 base dividend increase to $0.08 per share to be paid on October 3, 2022 to shareholders of record on September 15, 2022. This equates to an annualized base dividend of $0.32 per share, representing an increase of over 20 percent from the prior level and marking Crescent Point's fourth dividend increase in less than one year. The Company's dividend policy and payout ratio are based on its framework which targets dividend sustainability at lower commodity prices, allows for flexibility in its capital allocation process and provides the potential to grow the base dividend over time.
Given continued improvement in Crescent Point's financial position and outlook, the Company is seeking to further increase its current return of capital offering. On a quarterly basis and beginning in third quarter 2022, Crescent Point will target the return of up to 50 percent of its discretionary excess cash flow to shareholders. Discretionary excess cash flow is calculated as excess cash flow less base dividends."
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TOURMALINE DELIVERS RECORD CASH FLOW AND FREE CASH FLOW IN Q2 2022, DECLARES SPECIAL DIVIDEND AND ANNOUNCES... (tmx.com)
"Second quarter 2022 free cash flow was a record $1.1 billion ( $3.25 per diluted share) enabling the Company to declare a special dividend of $2.00 per common share to be paid August 12, 2022 to shareholders of record on August 5, 2022 . Tourmaline's trailing 12-months of distributed dividends now total $6.28 per share (inclusive of this August 2022 special dividend), an implied 9% trailing yield (6) ."
"Second quarter 2022 free cash flow was a record $1.1 billion ( $3.25 per diluted share) enabling the Company to declare a special dividend of $2.00 per common share to be paid August 12, 2022 to shareholders of record on August 5, 2022 . Tourmaline's trailing 12-months of distributed dividends now total $6.28 per share (inclusive of this August 2022 special dividend), an implied 9% trailing yield (6) ."
^ I don't really understand the appeal of special dividends. Why do this vs. stock buy back? The special dividend is just flung off cash and impacts market cap one time, and then it's all over. What's the benefit?
Retiring shares however permanently reduces future quarterly dividend obligations (or gives future dividend growth for "free" without increasing the $ amount) and implies upward pressure on share price.
Retiring shares however permanently reduces future quarterly dividend obligations (or gives future dividend growth for "free" without increasing the $ amount) and implies upward pressure on share price.
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The share price has gone from $13 to $78 in the last two years. Perhaps not the best time to be buying back shares.
Debt has already been dramatically reduced. Asset purchases are likely to be expensive. And still the company is awash in cash.
Special dividends seem like a responsible way of handling the windfall.
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Special dividends make sense for commodity stocks. It will help support share price better longer term. Many dividend investors fear cuts like the plague and bog dividend increases will likely be met with cuts down the road. I agree with @fireseeker in that buy backs make sense when the the share price warrants buying. My issue with buybacks is they often occur at inopportune times (high prices) and rarely are they fully exercised. They in turn become a news media event. In theory they are wonderful. In reality they don't always achieve what we think they will.
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Speaking of which. Canadian Natural Resources Limited Announces Special Dividend (tmx.com)
the Board of Directors has declared a special cash dividend on its common shares of C$1.50 (one dollar and fifty cents) per common share. The dividend will be payable on August 31, 2022 to shareholders of record at the close of business on August 23, 2022.
The Board of Directors will continue to review incremental returns to shareholders going forward as part of the Company's free cash flow allocation policy. As per the policy, free cash flow is defined as adjusted funds flow less base capital expenditures and dividends, including special dividends. The Company targets to allocate 50% of this free cash flow to share repurchases and 50% to the balance sheet, less any strategic growth capital / acquisitions.
Share price down 2% on the day mostly due to oil falling below $90 this week for the first time since the invasion of Ukraine. Other oil companies price dropped between 4 and 6%
the Board of Directors has declared a special cash dividend on its common shares of C$1.50 (one dollar and fifty cents) per common share. The dividend will be payable on August 31, 2022 to shareholders of record at the close of business on August 23, 2022.
The Board of Directors will continue to review incremental returns to shareholders going forward as part of the Company's free cash flow allocation policy. As per the policy, free cash flow is defined as adjusted funds flow less base capital expenditures and dividends, including special dividends. The Company targets to allocate 50% of this free cash flow to share repurchases and 50% to the balance sheet, less any strategic growth capital / acquisitions.
Share price down 2% on the day mostly due to oil falling below $90 this week for the first time since the invasion of Ukraine. Other oil companies price dropped between 4 and 6%
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BPF.un
- On August 4, 2022, the trustees of the Fund declared a distribution for the period of July 1, 2022 to July 31, 2022 of $0.100 per unit of the Fund, which will be payable on August 31, 2022 to unitholders of the Fund ("Unitholders") of record on August 21, 2022. This is an increase of $0.015 per Unit, or 17.6%, from the previous monthly distribution rate of $0.085 per Unit.
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