RED DEER, Alta. – Shares in High Arctic Energy Services Inc. (TSX:HWO) were up more than 25 cent Thursday after the company said it would pay a monthly dividend of a penny per share.
The company, which provides specialized oilfield services, said the payment will be made June 14 to shareholders of record on May 31.
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Based on the company’s share price Thursday, the stock will have an annual yield of about 6.8 per cent.
“With a strong cash position and solid cash generating capabilities, we believe we can both pay a monthly dividend and continue to capitalize on additional growth opportunities to enhance shareholder value,” chief executive Bruce Thiessen said in a statement.
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High Arctic shares were up 38 cents or 27 per cent at $1.77 on the Toronto Stock Exchange on Thursday.
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