- Denbury Resources (DNR) will announce at its analyst day tomorrow that it will initiate a $0.0625/share quarterly dividend (forward yield of 1.29%) beginning in Q1 2014 with the intent of raising it to $0.125-$0.15/share (forward yield of 2.8% at the mid-point) in 2015. The move is a part of its long-term goal of reducing capex and returning FCF to shareholders.
- The board has also approved an increase to the share repurchase authorization program to $250M form $109M. The program would be good for reducing shares outstanding by 3.5%.
- The company has appointed John Dielwart to the board, increasing the number of directors to 10. He is currently Vice-Chairman of ARC Financial, a Canadian P-E firm focused on the energy sector.
- Analyst day webcast from 2pm ET to 5pm ET tomorrow
Denbury to initiate $0.25 annual dividend, expand share buyback to $250M
Nov 10 2013, 16:50 ET