Boston, MA 09/27/2013 (wallstreetpr) – Chesapeake Energy Corporation (NYSE:CHK) board of directors has approved a quarterly dividend of $0.0875/ share quarterly. This dividend will be paid out on 31 October 2013 to the common shareholders who are on record on 15 October 2013. The company has around 665M common shares, outstanding. This dividend is properly in line with all its earlier distributions since 2011 July. Before this period, the company used to pay out a dividend of $0.075/share.
Preferred stock dividends announced
In addition to the dividends, Chesapeake Energy Corporation (NYSE:CHK) also announced the distribution of its convertible preferred-stock issues. The issue of 4.50% will receive $1.125/share. This will be distributed on 16 December to holders who are on record as of 2 December. The ones with 5% will receive an amount of $1.25. The 5.75% Series-A and 5.75 issues will be paid at $14.375/piece. The date for all of these will be decided only on 15 November for stockholders as of 1 November.
Job cuts now and later
The company is in restructuring mode and it has decided to downsize the entire natural-gas vehicle team. This is an indication that more job cuts are on the horizon. Lawler, the new Chief Executive Officer reiterated that the company will review all the areas of the business by the 1st November 2013.
Thursday’s trading
In Thursday’s trading, Chesapeake Energy Corporation (NYSE:CHK) stock dropped by 0.34%. The opening price of the shares was $26.60 which climbed to an intraday high of $26.64 and dropped to a close of $26.41. Approximately 6.55 million shares were traded on Thursday and an average volume of 9.48 million shares was traded over a 30 day period. The 52- week low of the shares was $16.23 and the 52-week high was $27.46. Chesapeake Energy Corporation (NYSE:CHK) has a market capitalization of 17.58 billion.
