Divvy pop "2023 Dividend Increase
Profit margins over the past 12 months have returned to historic levels of greater than 30%, and with the current futures strip, are anticipated to continue to increase. Peyto will maintain its ongoing three-year hedging practice to ensure a large portion of revenues for future years are fixed which secures funding for planned debt repayments, dividends and capital programs. The Company anticipates that approximately half of forecast profits for 2023 will be retained to reduce indebtedness, while the remainder will be paid to shareholders as dividends. In keeping with this strategy, the Board of Directors of Peyto is pleased to approve a monthly dividend of $0.11/share starting in January 2023 for shareholders of record as of January 31, 2023 (ex-dividend date January 30, 2023) and paid on February 15, 2023. This new dividend represents a 120% increase over the current $0.05/month dividend. "
For those of us that had the foresight (and nerves) to buy good companies at throw away prices over the past 5 - 6 years, these divvy bumps must be seen as just reward for the cyclical vision and patience needed - extreme at times. In my case, my divvy looks like it will go to around 33% with the new bump.
I encourage those that have not looked yet: do some research on PRQ. The Gray clan control this little junior and I fully expect that after their gutsy, and very welcome financial rescue there, they will want paying too, now, just like any shareholder. The PEY DNA is all over PRQ - save for the atrocious hedging debacle at PEY - and with that should come an inaugural, token divvy.
For disclosure, I own both.