HighPeak Energy Inc. HPK, -0.84% said Tuesday that it will initiate a quarterly dividend of 2.5 cents a share, as well as a special dividend of 7.5 cents a share. The independent oil and natural-gas company said the dividends will be payable July 26 to shareholders of record on July 15. The stock was still inactive in premarket trading. Based on Friday’s stock closing price of $10.65, the regular annual dividend rate implies a dividend yield of 0.94%, compared with the SPDR Energy Select Sector ETF XLE, -0.22% yield of 3.87% and the implied yield for the S&P 500 SPX, +0.75% of 1.35%. “The board elected to initiate a quarterly dividend program after considering the success of the company’s development drilling program,” said Chief Executive Jack Hightower. “The company is well capitalized and expects its drilling program to be cash flow positive as early as next year assuming well performance continues to meet our expectations and commodity prices remain relatively constant.” HighPeak’s stock has dropped 33.3% year to date, while the energy ETF has climbed 44.3% and the S&P 500 has gained 15.9%.
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