Murphy Oil cuts dividend by 28.6%

Murphy Oil Corporation (MUR) will cut its quarterly dividend from $0.35 to $0.25 per share.

At a stock price of $26.75 the stock will have a dividend yield of 3.7% based on the new $1 annual dividend payment.

Murphy Oil had been increasing its dividend for 19 consecutive years prior to today's dividend cut. The stock is up 19% in 2016, but lost more than half of it's value last year.

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