Market Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko slashes quarterly dividend

[Reuters] – Oil and gas company Anadarko Petroleum Corp said it slashed its quarterly dividend by 22 cents to 5 cents per share. The dividend cut would save about $450 million in cash annually, the company said. Read more on this. Anadarko Petroleum Corporation (APC) , with a current value of $19.09B, began trading this morning at $39.10. Looking at today’s trading action, the company’s one day range from $37.10 to $39.59 and has traded between $28.16 and $95.94 over the past year. APC shares are currently priced at -13.62x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry ’s 15.97x earnings multiple. And for dividend hunters, the company pays shareholders $1.08 per share annually in dividends, yielding 2.65%. According to a consensus of 27 analysts, the earnings estimate of $-1.04 per share would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. Investors should also note that the full-year EPS estimate of $-2.94 is a $0.94 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.87 Billion. If realized, that would be a 19.40% decrease over the year-ago quarter. More recently, Citigroup upgraded APC from Neutral to Buy (Jan 5, 2016). Previously, Scotia Howard Weil upgraded APC from Sector Outperform to Focus Stock. When considering if the stock is under or overvalued, the average price target is $58.42, which is 49.41% above where the stock opened this morning. See more in (NYSE:APC) Similar Articles: Company Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko Announces Third-Quarter 2015 Results Stock Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko to Present at Upcoming Energy Event Market Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko to Participate in Upcoming Energy Conference