with this much of a dividend you are better ready to have an exit strategy. Currently down 90cts from yesterday...how much is that dividend worth to you now when you take that drop in pps into account? Or are you looking at Yahoo data which shows that FTE is up today? Down 4% on the first day post-dividend, down below the 1 month 21.90 support level, next support level is 20.20 from mid March. If a Fund wanted to hold FTE for the dividend and now they carefully exit the position, we could see a continuation of the sell off post-exit. Sure, the people that held LO for the dividend made a good dividend return. The losers that bought for the dividend and/or those that continued to hold are now down $17 per share...will you still care about FTE dividend if you continue holding and it's down another couple dollars?
In these cases it could be worth to buy some Puts for insurance. I didn't play LO long post-dividend. Got the 105 Puts for a 10x return. If one was long, the 105 Puts could have greatly offset the loss from the sell off, or one could have made money from it. In the case of FTE, if I had a significant holding I would have bought the 20 puts for insurance.