TULSA, Okla. - Unit Corporation (OTCQX: UNTC), a publicly held energy company, has declared a quarterly cash dividend of $1.25 per share for the second quarter of 2024. Shareholders on record by the close of business on June 17, 2024, will be eligible for the dividend, which is scheduled for distribution on June 27, 2024. The payment will be made from the company's available cash balance.
This announcement follows Unit Corporation's operations in oil and gas production as well as contract drilling through its subsidiaries. The dividend declaration is a move that reflects the company's financial policies and commitment to providing returns to its shareholders.
Unit Corporation, based in Tulsa, Oklahoma, has a history of involvement in the energy sector, with a focus on sustainable and efficient operations. The company's strategy typically revolves around maximizing shareholder value while maintaining a balanced approach to capital allocation.
The dividend payment is part of the company's regular practice of disbursing quarterly returns to its shareholders and is consistent with previous payouts. It is an indicator of the company's financial health and its ability to generate sufficient cash flow to fund such distributions.
Investors and market watchers often view regular dividend payments as a sign of a company's stability and maturity, and they may also serve as a steady income stream for shareholders.
The announcement is based on a press release statement from Unit Corporation.
InvestingPro Insights
Unit Corporation's recent announcement of a quarterly cash dividend aligns with its reputation for providing shareholder returns. The dividend is supported by a robust financial position, as evidenced by key metrics from InvestingPro. With a market capitalization of $361.6 million and a compelling P/E ratio of 2.8, Unit Corporation stands out for its financial health. The P/E ratio, which adjusts to 4.78 for the last twelve months as of Q1 2024, suggests that the stock may be undervalued relative to earnings.
Another notable InvestingPro Data point is the company's dividend yield, which is quite significant at 13.51% as of the latest data. This high yield is particularly attractive to income-focused investors and underscores the company's commitment to returning value to shareholders. Additionally, Unit Corporation holds more cash than debt on its balance sheet, which provides a cushion for sustaining dividend payments even in less favorable economic conditions.
InvestingPro Tips highlight that Unit Corporation pays a significant dividend and that the stock generally trades with low price volatility. These factors contribute to the appeal of UNTC as a potentially stable income-generating investment. Moreover, there are 10 additional InvestingPro Tips available that can provide investors with deeper insights into Unit Corporation's performance and outlook. Interested investors can explore these valuable tips by visiting InvestingPro and can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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