Consol Energy says ‘not declaring quarterly dividend at this time’

Along with its report of financial and operating results for the fiscal quarter and year ended December 31, 2023 earlier, Consol Energy stated: “During the fourth quarter of 2023, CEIX repurchased 1.1M shares of its common stock in the open market for $111.0M at a weighted average price of $100.84 per share. Additionally, through a 10b5-1 plan in place for the month of January, CEIX repurchased an additional 307 thousand shares of its common stock for $30.0M at a weighted average price of $97.73 per share. Therefore, with the free cash flow generated during the fourth quarter of 2023, CEIX repurchased 1.4M shares of its common stock for $141.0M at a weighted average price of $100.16 per share. As a result, CEIX allocated approximately 85% of its quarterly free cash flow toward share repurchases. From the beginning of December 2022 through January 31, 2024, CEIX has repurchased 5.7M shares of its common stock, or approximately 16% of its public float as of year-end 2022, at a weighted average price of $76.63 per share. Consistent with the company’s previously announced plan to return value to CEIX shareholders through repurchases of CEIX common stock rather than dividends, the company is not declaring a quarterly dividend at this time.”