Dividend Coverage: This Electric Utilities Company is Going to Trade Ex-Dividend on June 8, 2017
LONDON, UK / ACCESSWIRE / June 7, 2017 / Pro-Trader Daily takes a closer look at SCANA Corp. (NYSE: SCG) as the Company's stock will begin trading ex-dividend on June 08, 2017. In order to capture the dividend payout, investors must purchase the stock one day prior to the ex-dividend date that is latest by June 07, 2017. This would make the individual a shareholder on the respective Company's record, which would thereby entitle the investor to be paid the dividend on the payable date. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On April 27, 2017, SCANA's Board of Directors met and declared the regular quarterly dividend of $0.6125 per share on the Company's common stock for the quarter ending June 30, 2017. The dividend is payable on July 01, 2017, to shareholders of record at the close of business on June 12, 2017. The Company has reported dividend growth for 17 straight years.
SCANA's indicated dividend represents a yield of 3.60% compared to the average dividend yield for the Utilities sector of 2.51%, and reflects dividend payout of $2.45 on an annualized basis. SCANA last increased its dividend in February 2017, where the Company's Board of Directors raised the quarterly cash dividend on its common stock by 6.5% to $0.6125 per share from the prior dividend of $0.5725 per share. Additionally, SCANA's Board of Directors approved an increase to the upper band of the Company's dividend payout policy to 65% from 60%, for a new payout policy of 55% to 65%.
SCANA has a dividend payout ratio of 57.9% meaning the Company distributes $0.58 for every $1.00 earned, demonstrating that the dividend is sufficiently covered by earnings. As per analysts' estimates, SCANA is projected to post earnings of $4.51 per share in the coming year, which means the Company should be able to comfortably cover its annualized dividend of $2.45. Moreover, as on March 31, 2017, SCANA had cash and cash equivalents worth $12 million, while its total current assets were worth $1.05 billion. Having this liquidity cushion would allow the Company to absorb any fluctuations in earnings and pay its dividend without interruption.
About the Company
SCANA, headquartered in Cayce, S.C., is an energy-based holding Company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. SCANA serves approximately 713,000 electric customers in South Carolina and approximately 1.3 million natural gas customers in South Carolina, North Carolina, and Georgia.
Recent Development for SCANA
On April 28, 2017, SCANA and Santee Cooper announced that the Interim Assessment Agreement with Westinghouse Electric Company, LLC concerning the nuclear construction project at the V.C. Summer Nuclear Station has been amended.
The primary amendment is the extension of the term of the agreement through June 26, 2017, subject to bankruptcy procedures. The agreement allows for a transition and evaluation period, during which South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA, and V.C. Summer Nuclear Station project co-owner, Santee Cooper, can continue to make progress on the site. The agreement extension allows the co-owners additional time to maintain all of their options by continuing construction on the project, while examining all of the relevant information for a thorough and accurate assessment to determine the most prudent path forward.
Stock Performance
At the closing bell, on Tuesday, June 06, 2017, SCANA's stock was slightly down 0.45%, ending the trading session at $67.84. A total volume of 1.15 million shares were traded at the end of the day. In the last month, shares of the Company have advanced 2.88%. Shares of the Company have a PE ratio of 16.43 and have a dividend yield of 3.61%. The stock currently has a market cap of $9.69 billion.
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