EX-Dividend Schedule: Six Flags Entertainment Announced a 11% Hike in Dividend; Will Trade Ex-Dividend on February 15, 2018
LONDON, UK / ACCESSWIRE / February 14, 2018 / Active-Investors has a free review on Six Flags Entertainment Corp. (NYSE: SIX) ("Six Flags") following the Company's announcement that it will begin trading ex-dividend on February 15, 2018. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on February 14, 2018. Active-Investors has initiated due-diligence on this dividend stock. Register with us for more free research including the one on SIX:
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Dividend Declared
On February 07, 2018, Six Flags announced that its Board of Directors declared a first quarter cash dividend of $0.78 per share of common stock payable March 05, 2018, to shareholders of record as of February 19, 2018. The new dividend represents an 11% increase on an annualized basis, and a 22% increase compared to the same period in 2017.
"Six Flags' cash flow will benefit greatly from the recently enacted tax reform, and we are using a portion of the savings to reward our shareholders with a higher dividend," said Marshall Barber, Chief Financial Officer.
He further added:
"In addition to investing in our employees and world-class theme parks, we remain committed to growing our attractive dividend by high-single digit increases for years to come."
Six Flags' indicated dividend represents a yield of 4.72%, which is more than double compared to the average dividend yield of 1.98% for the Services sector. This represents the eighth consecutive year the Company has raised its dividend since it was initiated in 2010.
Dividend Insight
Six Flags has a dividend payout ratio of 146.5%, which means that the Company spends approximately $1.46 for dividend distribution out of every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Six Flags is forecasted to report earnings of $2.38 for the next year compared to the Company's annualized dividend of $3.12 per share.
Six Flags' net debt as of September 30, 2017, calculated as total reported debt of $2.02 billion less cash and cash equivalents of $83 million, was $1.94 billion, representing a net leverage ratio of 3.8 times adjusted EBITDA. For the three months ended September 30, 2017, the Company's cash provided by operating activities totaled $246.79 million compared to $236.18 million for the year ago same period. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for Six Flags
On January 25, 2018, Six Flags Great Adventure and its partner KDC Solar announced that construction will begin soon to make the New Jersey property the world's first solar-powered theme park.
The 23.5-megawatt solar project will include solar carports over select parking lots and 40 acres of ground-mounted solar panels. Six Flags expects construction to begin by March and for the solar facility to be fully operational by the end of 2019. In addition to the production of clean energy and helping to limit the park's reliance on harmful fossil fuels, KDC Solar will use more than 99,000 hours of union labor in constructing this project.
About Six Flags Entertainment Corp.
Six Flags is the world's largest regional theme park company with $1.3 billion in revenue and 20 parks across the United States, Mexico, and Canada. For 56 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks, and unique attractions.
Stock Performance Snapshot
February 13, 2018 - At Tuesday's closing bell, Six Flags' stock slightly dropped 0.56%, ending the trading session at $65.41.
Volume traded for the day: 786.37 thousand shares, which was above the 3-month average volume of 783.10 thousand shares.
Stock performance in the last three-month – up 1.13%; previous six-month period – up 21.56%; and past twelve-month period – up 8.49%
After yesterday's close, Six Flags' market cap was at $5.31 billion.
Price to Earnings (P/E) ratio was at 31.36.
The stock has a dividend yield of 4.77%.
The stock is part of the Services sector, categorized under the General Entertainment industry. This sector was up 0.6% at the end of the session.
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