AMEN Properties, Inc (OTC:AMEN), which owns a portfolio of cash-producing properties including real estate and oil and gas interests, has announced two sets of dividends, scheduled to be paid out on Friday.

The company's board of directors has approved the payment of a quarterly dividend of $10 per share. Additionally, the board also approved the payment of a special dividend of $6.30 per share. As a result, it will be shelling out a total of $16.3 in dividends on Friday.

Also Read: How Do Dividends Work?

The stock is trading at $518 apiece. If the $10 quarterly dividend is extrapolated for the full year, the company's forward dividend yield comes to over 7%, which is attractive.

On March 10, the company announced that its Board has approved a plan whereby the firm will no longer hedge the revenue stream associated with its oil and gas royalties.

"Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk," said Kris Oliver, Amen's CFO.

Earnings: Amen Properties recorded revenue of $4.1 million and net income of $3.4 million as against revenue of $3.1 million and net income of $1.6 million for 2021. The company's improvement in revenue and profitability resulted primarily from increased demand and prices for oil, it said.

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Wednesday, March 29, 2023

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