This translation has been automatically generated and has not been verified for accuracy.Companies across a range of industries are slashing or suspending dividends to cope with the economic fallout from the coronavirus outbreak, complicating the stock selection process for money managers eager to buttress their portfolios with a steady stream of income.
“In times like these, financial strength and dividends are two of the critical components in making your investment selections,” said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates Inc. “It’s not just the dividend yield, but the sustainability of that dividend.” Norway’s Equinor said on Thursday it was cutting its quarterly dividend by two-thirds as part of an effort to preserve cash, while oil services firm Schlumberger NV earlier this month slashed its dividend by 75%.
Other companies that have recently taken action on their dividends include casino operator Las Vegas Sands, cruise operator Carnival Corp and apparel retailer Gap Inc, which suspended their payouts.
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