Dividend and distribution cuts (2014)

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Pickles
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Dividend and distribution cuts (2014)

Post by Pickles »

In the unlikely event 2014 sees dividend or distribution cuts, you may record them here.
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Re: Dividend and distribution cuts (2014)

Post by Peculiar_Investor »

The unlikely has been reality. Sherritt was first.

IIRC there has been speculation among FWF'ers about this one. Note they don't call it a dividend cut, rather a "revised" dividend, TransAlta Reports Fourth Quarter and Full Year 2013 Results, 2014 Outlook, Asset Sale, and Revised Dividend
the resizing of our dividend to an annualized amount of $0.72 per common share to align with our growth and financial objectives.

<snip>

The Board of Directors of TransAlta today declared a quarterly dividend of $0.18 per share on common shares payable on April 1, 2014 to shareholders of record at the close of business March 4, 2014.
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JaydoubleU
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Re: Dividend and distribution cuts (2014)

Post by JaydoubleU »

The Dividend God giveth, and the Dividend God taketh away:
Canexus Corporation Announces First Quarter Results
Wednesday, May 07, 2014

The Board of Directors declared a quarterly dividend of $0.10 per common share, representing a 27% reduction from the previous quarterly dividend of $0.1368. This change results in Canexus retaining significant capital as we complete the North American Terminal Operations ("NATO") unit train expansion project. The dividend is payable July 15, 2014 to shareholders of record on June 30, 2014.
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Descartes
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Re: Dividend and distribution cuts (2014)

Post by Descartes »

JaydoubleU wrote:The Dividend God giveth, and the Dividend God taketh away:
Canexus Corporation Announces First Quarter Results
Wednesday, May 07, 2014

The Board of Directors declared a quarterly dividend of $0.10 per common share, representing a 27% reduction from the previous quarterly dividend of $0.1368. This change results in Canexus retaining significant capital as we complete the North American Terminal Operations ("NATO") unit train expansion project. The dividend is payable July 15, 2014 to shareholders of record on June 30, 2014.
They should have cut it more. They won't have significant income from NATO for many months and they still haven't managed to fill much more than half the projected capacity. Meanwhile their chlor-alkalai revenue continues to erode and the other divisions are barely holding steady. I think you will see another cut in the short term.

It is a shame that this once good company is crumbling due to poor management. More bungling includes: vapour incineration screw-up, pull-out of 4th NATO customer and not even knowing why they left the table, and having no tangible lead on a replacement CEO. I bailed back in March but listened in on the call today to see if there were any signs of encouragement. Instead, to my ear, management and analysts alike simply sounded disillusioned and distracted.

On the plus side - a brave soul could have collected quite a return today buying at the bottom of the retail investor panic when the cut was announced. ..Alas, I am not that brave.
"A dividend is a dictate of management. A capital gain is a whim of the market."
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Re: Dividend and distribution cuts (2014)

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Just Energy (je) annouced this am a cut from .21 per quarter to .125 dollars per quarter

good thing i sold 2 weeks ago
bad thing i bought at all
gotta stop reaching

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Re: Dividend and distribution cuts (2014)

Post by Taggart »

A year or two ago when I was in my value investing phase, I really, really thought about investing in this one. For some reason I backed off, and I'm glad I did.

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Second Cup halts dividend as it plots new growth strategy

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I follow the dividend, not promises of a rosy future from the company.
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Re: Dividend and distribution cuts (2014)

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Same. Glad I didn't bite!
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Re: Dividend and distribution cuts (2014)

Post by DenisD »

Spyglass sells assets, cuts dividend by a third
Spyglass Resources Corp. announced deals to sell $51 million in non-core assets, thus cutting debt and freeing up capital to invest but also forcing it to reduce its dividend by a third.

In a news release Wednesday, the Calgary producer said it will reduce its monthly dividend to 1.5 cents from 2.25 cents
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Re: Dividend and distribution cuts (2014)

Post by IdOp »

Sony deepens loss estimate to $2.1-billion, nixes dividend - The Globe and Mail
Sophie Knight (Reuters) wrote:Sony Corp on Wednesday sharply deepened its net loss estimate and said it would not pay a dividend this fiscal year for the first time since it listed in 1958 after it was hit by a massive impairment charge for its struggling smartphone division.
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Re: Dividend and distribution cuts (2014)

Post by Taggart »

Bloomberg

Canada’s Oil Dividends Threatened as $70 Crude Hurts Cash

---------------------------------

Of course congrats. to Norm for predicting much the same thing way back on October 16th.

Oil plunge puts dividends at risk
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Re: Dividend and distribution cuts (2014)

Post by Subby »

Further to Taggart's post above, COS looks to be the first to cut.

http://www.cdnoilsands.com/Media-Centre ... fault.aspx

Sorry didn't notice COS mentioned in the Bloomberg article above.
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Re: Dividend and distribution cuts (2014)

Post by JaydoubleU »

This wasn't too hard to predict, what with a 17.5% yield!
Baytex Announces 2015 Budget and Change to Dividends

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) announces that its Board of Directors has approved a 2015 capital budget of $575 to $650 million, which is designed to generate average production of 88,000 to 92,000 boe/d for 2015 after planned non-core asset sales of approximately 1,000 boe/d. The Board of Directors has also approved a revised dividend level of $0.10 per share per month, down from $0.24 per share per month, currently.
After the cut, it is still yielding 7.3% at the current price of 16.46.
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Re: Dividend and distribution cuts (2014)

Post by Peculiar_Investor »

AGF signalling they will be cutting their dividend, AGF | AGF Management Limited Declares Dividend, Updates Capital Allocation Strategy in Support of Growth
AGF wrote:GF also intends to adjust the quarterly dividend to $.08 per share on both the Class B Non-Voting shares and the Class A Voting common shares for Q1 2015.
That's a big cut from the current dividend,
AGF wrote:AGF Management Limited ("AGF or the "Company") today announced that the Board of Directors of AGF declared a dividend of $0.27 per share on both the Class B Non-Voting shares and the Class A Voting common shares of the Company. This will be payable on January 16, 2015 to shareholders of record on January 7, 2015.
Anyone surprised? IIRC AGF's dividend payout has been the source of speculation for a number of years.
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Re: Dividend and distribution cuts (2014)

Post by scomac »

It's easier to get away with a dividend cut when everyone is doing it. This way it appears to be a systemic problem rather than company specific.
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Re: Dividend and distribution cuts (2014)

Post by Taggart »

......Trilogy Energy Corp. (TSX:TET) in announcing reduced capital budgets for next year, as a result of the major drop in oil prices.

"In addition, Trilogy said it will halt its dividend “given the current market environment.”

Trilogy said it plans to spend $250 million next year, down from the $430 million 2014 estimate it provided in November. Its 3.5 cent monthly dividend will be stopped after the Dec. 15 payment"
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Re: Dividend and distribution cuts (2014)

Post by kjmcrae »

No surprise here: Penn West (TSX:PWT, NYSE:PWE) slashes dividend
...company said it would cut the quarterly payout to just 3 cents from 14 cents beginning next quarter.
Last edited by kjmcrae on 18 Dec 2014 07:51, edited 1 time in total.
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Re: Dividend and distribution cuts (2014)

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Bonavista Energy Corporation Confirms 7% Production Growth in 2015 with Revised Budget and Change to Dividend
Bonavista Energy Corporation (TSX:BNP) ("Bonavista") announces that its Board of Directors has approved a reduction in our 2015 capital budget and an adjustment of our monthly dividend to $0.035 per share from $0.07 per share, beginning with the payment due on February 16, 2015.
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Re: Dividend and distribution cuts (2014)

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Twin Butte announces revised 2015 capital plan and dividend reduction
The Company's Board of Directors has approved a $40 million (22%) reduction in the 2015 capital budget and a 37.5% reduction to the monthly dividend. Beginning with the January 2015 dividend payable in February 2015, the modified dividend will be $0.01 per share ($0.12 per share annualized).
Whitecap provides revised outlook for 2015, maintains sustainability and financial strength
Our current monthly dividend of $0.0625/share remains intact and sustainable despite the recent collapse in oil prices and we anticipate maintaining our current dividend through these difficult times.
...
Given our disciplined approach to the dividend policy, our Board of Directors and Management have chosen to defer our previously announced monthly dividend increase to $0.07/share in January 2015 until such time as commodity prices recover.
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