Baker Hughes Incorporated (NYSE: BHI) has decided to release some of its cash as a reward for its shareholders. The company has just jacked up its dividend to $0.15 per share, up about 15% from the previous $0.13 per share dividend. The company has also announced that it will repurchase up to $1 billion of the company’s common stock in addition to the existing stock repurchase plan which will now have approximately $1.246 billion remaining.
For a comparison on what this looks like, the stock yield based upon today’s prices is roughly 0.7%. As far as comparing the share buyback, its market cap is just north of $25 Billion.
Shares are down only about 0.3% today immediately before the close.
Jon C. Ogg
July 24, 2008
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