CSI Compressco LP (NASDAQ:CCLP) declared a quarterly dividend on Tuesday, July 20th, investing.com reports. Stockholders of record on Friday, July 30th will be paid a dividend of 0.01 per share by the oil and gas company on Friday, August 13th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Thursday, July 29th.
CSI Compressco has decreased its dividend by 95.7% over the last three years and has increased its dividend annually for the last 1 consecutive years. CSI Compressco has a dividend payout ratio of -3.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CSI Compressco to earn ($0.99) per share next year, which means the company may not be able to cover its $0.04 annual dividend with an expected future payout ratio of -4.0%.
Shares of NASDAQ:CCLP opened at $1.61 on Thursday. The stock’s 50 day moving average is $1.78. CSI Compressco has a one year low of $0.75 and a one year high of $2.35.
In other CSI Compressco news, Director Stephen R. Gill acquired 70,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 25th. The shares were bought at an average cost of $1.52 per share, with a total value of $106,400.00. Following the completion of the acquisition, the director now directly owns 100,612 shares in the company, valued at approximately $152,930.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jonathan W. Byers acquired 31,130 shares of the business’s stock in a transaction that occurred on Friday, June 4th. The shares were acquired at an average cost of $1.85 per share, for a total transaction of $57,590.50. Following the completion of the acquisition, the chief financial officer now owns 490,314 shares of the company’s stock, valued at $907,080.90. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 126,130 shares of company stock worth $202,741. 1.36% of the stock is currently owned by corporate insiders.
A hedge fund recently raised its stake in CSI Compressco stock. Morgan Stanley grew its position in CSI Compressco LP (NASDAQ:CCLP) by 34.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,158 shares of the oil and gas company’s stock after purchasing an additional 35,731 shares during the quarter. Morgan Stanley owned about 0.29% of CSI Compressco worth $255,000 at the end of the most recent reporting period. 17.94% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research raised shares of CSI Compressco from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 27th.
About CSI Compressco
CSI Compressco LP provides compression services for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage companies in the United States, Mexico, Canada, Argentina, and internationally. The company offers GasJack and VJack electric powered low-horsepower compressor packages to provide production enhancement services for dry gas wells, liquid-loaded gas wells, and backside auto injection systems.
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