Halcon Resources Corp (NYSE:HK) Announces Dividend Plan For Series A Stock

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Dallas, Texas 02/12/2014 (FINANCIALSTRENDS) – The $1.52 billion market capped oil and gas drilling and exploration firm, Halcon Resources Corp (NYSE:HK) announced on 3rd February, that its board of directors led by Chairman of the Board, Chief Executive Officer Floyd C. Wilson has decided to payout quarterly dividends on its “Series A Cumulative Perpetual Convertible Preferred Stock” for the period 1st December’ 13 to 28th February’14.  These series A notes attract a interest component of 5.75 percent.

The payout is to happen on 3rd March to all shares holders holding the its “Series A Cumulative Perpetual Convertible Preferred Stock” on record as of 14th February. The firm has set aside close to $5 million for this exercise and will be paid in the form of shares of common stock, which will be equal to dividend each share holder is entitled too. It is appropriate to note here that the share price of the stock is trading at $3.67 per share, which is 54.8 percent lower than its 52 week high price point.

It is also important to note at this point that, Halcon Resources Corp (NYSE:HK) has fixed 26th February as the day, on which it will be announcing its “fourth quarter and full year 2013” operation results. With the dividend payout plan out of the way, analysts feel that the management of the oil and gas mining firm have set up the stage to announce substantial increase in the firm’s production activity at its Eagle Ford property. Over the trailing 12 months, the firm has totalled up sales of $843 million and has accumulated net loss of $826 million in the same time period. In the most recent quarter for which results were announced in October, the oil firm had indicated a huge 316 percent increase in sales. This broad increase in the production and sales in expected to gain momentum when the firm announces its 4Q results.

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