The dividend is now in line with many other power companies, and it appears that the street (in pre-market trading) appears to accept it as a move that will ultimately help the company grow in value. The new dividend of $1.24/share still produces about a 4% yield, and gives the company more upside growth potential. If anything EPS will cerainly look better with a smaller dividend payout, and if the company can now grow at a conservative 3%/year that's a potential 7%/year return for the income oriented investor.
Anticipated div cut was factored in already and it might be over done. Now it is confirmed. The div is the highest in the peer group. The stock price will self adjust to have average div rate. It would not be surprised to see it appreciates a few more percentage point from here on.