Core Laboratories N.V. (CLB) raised its dividend by 12% today. And in a move sure to be applauded by investors who favor consistent income, the company has elected to abandon its practice of returning large chunks of cash to shareholders via special cash dividends.
The company declared a quarterly dividend of $0.25 today, setting an annual dividend rate of $1.00 that eclipses the $0.89 paid by the company in 2010. Last year the company returned cash to shareholders via four quarterly payouts of $0.06 per share and one special cash dividend of $0.65 per share, an inconsistent dividend policy it’s ditching in favor of four evenly-distributed payments to shareholders. The ex-dividend date for the first payout under the new rate is January 21, 2011.
Oddly, the announcement has yet to show up on the Core Lab website. I found all of this information in a Form 8-K filed by the company earlier today, which you can access here.
Shares of CLB are trading at $89.42 (-0.59%) an hour into today’s session, where they now carry a 1.12% dividend yield.
Update: Core Laboratories has now published the press release to their site, accessible here.