Boston, MA 10/07/2014 (wallstreetpr) – Core Laboratories N.V. (NYSE:CLB) disclosed that its Board of Directors has given its approval to pay a cash dividend of 50 cents a share for the fourth quarter. The dividend rate has been maintained for the fourth straight quarters. Given its recent past, the company might increase the dividend rate next quarter.
In the last four years, the company has been increasing its dividend. As a result, the dividend rate provided a solid average growth rate for the three-year and the five-year period.
Dividend Payment
Core Laboratories N.V. (NYSE:CLB) stated that it fixed October 17 as the record date to determine the shareholders’ name for paying the quarterly cash dividend. It would pay a dividend on November 25 to all the eligible shareholders. The stock would turn into ex-dividend from October 15. It has indicated that the dividend would attract 15% withholding tax according to Dutch tax laws.
On an annualized basis, the dividend worked out to $2.00 a share. The current dividend offered a yield of 1.4%, which was higher than the five-year average dividend yield of 1.00%. However, the estimated ten-year dividend yield represented a whopping 64.94%.
While the current dividend payout ratio was 33.00%, the average dividend payout ratio for the five-year period represented 28.0%.
Growth And Dividend History
Core Laboratories has been paying a dividend since 2008 and has been lifting the dividend rate in the last four years. Therefore, its three-year average dividend growth pace was 31.7% compared to the five-year average dividend growth rate of 28.04%.
According Nasdaq data, Core Laboratories N.V. (NYSE:CLB) paid a dividend of ten cents a share in April 2010, which was increased to 71 cents a share in the following quarter. In July 2010, the company also announced a stock split. Following this, it paid six cents a share in October 2010.
In January 2011, Core Laboratories has lifted its dividend to 25 cents a share and then 28 cents a share in 2012. Core Laboratories N.V. (NYSE:CLB)boosted its dividend to 32 cents a share in 2013 and to 50 cents a share in the current year. Given its recent history of dividend increase, dividend hike can be expected for the next quarter.
