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“The look back into what was a weak first quarter seems almost irrelevant. The game plan for dealing with the next three months and the next 18 months is going to be the focus,” said Jefferies analyst Jason Gammel. But Equinor surprised the market on Thursday by becoming the first big oil company to cut its dividend, slashing its first-quarter payout by two thirds and suspending a $5 billion share buyback programme.
The sector’s dividend yield - the ratio of the dividend to the share price - soared to its highest in decades following the slide in oil prices and stock markets in the first-quarter. A high dividend yield can imply investors are assigning a higher degree of risk to a company’s dividend.Jennifer Rowland, an analyst at Edward Jones, said the dividend outlook was stable for Exxon, Chevron, Shell and Total though BP may have to look at its dividend payouts.
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