Murphy Oil Corp. announced Wednesday a 42.9% bump up in its quarterly dividend, to 25.0 cents a share from 17.5 cents a share. The oil and natural gas exploration and production company’s new dividend will be payable Sept. 1 to shareholders of record on Aug. 15. The stock dropped 4.3% in morning trading, while continuous crude oil futures fell 2.2% toward the lowest close since Feb. 25. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.06%, which compares with the yield for the SPDR Energy Select Sector ETF of 3.73% and the implied yield for the S&P 500 of 1.58%.
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