It is finally here… I was expecting this for a while now and it is finally here. KMI announced a 75% dividend cut yesterday (from quarterly dividend of $0.51/share to $0.125/share). It was a long time coming. I own 54 shares in KMI and this reduces my projected annual dividends by $83.16. Ouch.
Not sure what is going to happen with other related stocks that I hold – CVX, BBL, BP, COP, NOV and BBL. Of the above list, the yields of NOV and BBL are really high and unsustainable. Need to wait and see what happens.
My new projected annual dividends stands at $3,231.37 now.