IRVING, Texas - Vistra Corp (NYSE: VST), a leading integrated retail electricity and power generation company, has announced an increase in its quarterly dividend. The board of directors declared a dividend of $0.2175 per share on its common stock, marking an approximate 7% rise from the dividend in the second quarter of 2023. The new dividend is estimated to total $75 million for the quarter and will be payable on June 28, 2024, to shareholders of record as of June 19, 2024. The ex-dividend date is set for June 18, 2024.
In addition to the common stock dividend, Vistra's board has also declared dividends on its preferred stock. Holders of the 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock will receive a semi-annual dividend of $35.00 per share, payable on June 17, 2024, to stockholders of record by June 1, 2024. Similarly, the 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock will have a semi-annual dividend of $48.32 per share, which includes amounts accrued since the initial issue date of December 29, 2023. This dividend, amounting to an annualized rate of $88.75 per share, will be payable on July 15, 2024, to stockholders of record as of July 1, 2024.
Vistra, headquartered in Irving, Texas, operates across the United States, from California to Maine. The company is recognized for its commitment to reliability, affordability, and sustainability in the energy sector. Vistra's operations include a diverse and efficient power generation fleet consisting of natural gas, nuclear, coal, solar, and battery energy storage facilities. The company also takes a customer-centric approach in its retail business, aiming to provide essential resources to its customers and communities.
InvestingPro Insights
Vistra Corp (NYSE: VST) has not only been consistent with its dividend growth but has also displayed a strong financial performance. The company's recent dividend increase is underpinned by a robust balance sheet, as indicated by a PRONEWS24 exclusive InvestingPro Data metric showing a Market Cap of $27.83B USD. This is a testament to Vistra's financial stability and ability to return value to shareholders.
One of the key InvestingPro Tips highlights that Vistra has raised its dividend for 5 consecutive years, which aligns with the company's latest announcement of a dividend increase. This consistent growth in dividends can be appealing to income-focused investors seeking reliable dividend-paying stocks. Moreover, Vistra's management has been actively buying back shares, which often signals confidence in the company's future and can lead to earnings per share growth, benefiting investors.
Another notable metric is Vistra's P/E Ratio (Adjusted) for the last twelve months as of Q4 2023, which stands at 19.36. This figure, coupled with a strong free cash flow yield, suggests that the company is potentially undervalued, providing an attractive entry point for investors considering the company's profitability and growth prospects. Additionally, Vistra has been trading near its 52-week high, reflecting positive investor sentiment and a bullish outlook for the stock.
For those looking to delve deeper into Vistra's financials and future prospects, InvestingPro offers more comprehensive analysis and tips. There are 13 additional InvestingPro Tips available for Vistra, which can be accessed by interested investors seeking to make informed decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and gain valuable insights into Vistra's investment potential.
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