Kayne Anderson Energy Development Co. (NYSE:KED) to Issue Quarterly Dividend of $0.40
Kayne Anderson Energy Development Co. (NYSE:KED) announced a quarterly dividend on Monday, July 3rd, Wall Street Journal reports. Shareholders of record on Monday, July 10th will be given a dividend of 0.40 per share by the investment management company on Friday, July 14th. This represents a $1.60 dividend on an annualized basis and a yield of 8.72%. The ex-dividend date is Thursday, July 6th.
Kayne Anderson Energy Development has increased its dividend payment by an average of 2.9% annually over the last three years. Kayne Anderson Energy Development has a dividend payout ratio of 78.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Kayne Anderson Energy Development to earn ($1.27) per share next year, which means the company may not be able to cover its $1.60 annual dividend with an expected future payout ratio of -126.0%.
Kayne Anderson Energy Development (NYSE KED) traded up 1.21% during mid-day trading on Monday, reaching $18.34. The company’s stock had a trading volume of 35,851 shares. The firm’s 50 day moving average is $17.94 and its 200-day moving average is $19.02. Kayne Anderson Energy Development has a 12-month low of $16.42 and a 12-month high of $20.46.
Several research firms have recently weighed in on KED. Zacks Investment Research downgraded Kayne Anderson Energy Development from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. Stifel Nicolaus set a $23.00 target price on Kayne Anderson Energy Development and gave the company a “buy” rating in a research report on Saturday, June 24th.
An institutional investor recently raised its position in Kayne Anderson Energy Development stock. Bank of America Corp DE boosted its stake in shares of Kayne Anderson Energy Development Co. (NYSE:KED) by 106.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,688 shares of the investment management company’s stock after buying an additional 32,329 shares during the period. Bank of America Corp DE owned 0.59% of Kayne Anderson Energy Development worth $1,222,000 as of its most recent SEC filing.
Kayne Anderson Energy Development Company Profile
Kayne Anderson Energy Development Company is a non-diversified, closed-end fund. The Fund’s investment objective is to generate both current income and capital appreciation, through equity and debt investments. It seeks to achieve this objective by investing approximately 80% of its total assets in securities of companies that derive their revenue from activities in the energy industry, including midstream energy companies, which operates assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, crude oil or refined petroleum products; upstream energy companies, which are engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs, and other energy companies, which are engaged in owning, leasing, managing, producing, processing and selling of coal and coal reserves.
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