BHP Billiton Dividends - BLT

BHP Billiton Dividends - BLT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Bhp Billiton BLT London Ordinary Share GB0000566504 ORD $0.50
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
0.00 0.0% 1,573.00 0.00 0.00 0.00 1,573.00 01:00:00
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BHP Billiton BLT Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

loganair: Deutsche Bank reckons all of BHP Billiton’s near-term catalysts are in the past: “After outperforming year-to-date on (1) successful sale of the US Onshore business (2) strong oil prices (3) improved operational performance in H2 FY18, the major near-term re-rating catalysts are behind us” BHP Billiton has been downgraded to ‘hold’ by analysts at Deutsche Bank. It has been a busy year for the coal, copper and iron miner, which last month declared a record dividend pay-out following a 33% jump in profits. BHP disposed of its US shale gas assets for US$10.7bn over summer, while the rebounding oil prices – BHP is an oil producer as well as a miner – and improved operational performance have all contributed to the strong 2018 so far. Unfortunately for investors, Deutsche analyst Liam Fitzpatrick acknowledges the strong share price performance since the turn of the year but reckons most of the “major near-term catalysts are behind us”. He does, however, think there is room for BHP to get rid of some of its other non-core assets from its portfolio. “After spinning out South 32 in 2015 (US$9.4bn) and recently selling US Onshore (US$10.7bn), BHP is more simplified but not yet simple,” wrote the analyst in a note to clients. “We still see other assets in the portfolio that are, like the South 32 assets previously, likely to receive less capital than the major divisions. These include Nickel West, the Australian oil/gas assets and NSW Energy Coal.” Fitzpatrick isn’t convinced that management will push ahead with these and certainly not at a pace he would like. “The pace of simplification is clearly slowing and management's recent commitment to the remaining oil/gas portfolio suggests that longer term (FY21+) capex could move above the US$8bn per annum ceiling set for FY19/20.” Fitzpatrick dropped his rating to ‘hold’ from ‘buy’, while he also lowered his price target to 1,800p from 1,860p.
loganair: Mining company BHP Billiton has received bids from industry giants such as BP and Chevron for its US shale portfolio which has been valued between $7bn (£5.2bn) and $9bn, sources told Bloomberg. According to the sources, Royal Dutch Shell in partnership with private equity firm Blackstone Group made a bid in late May for the entire unit. BP is pursuing the shale assets alone while Chevron has teamed up with a private equity firm. As this was the first bidding round, the price is expected to increase as BHP expects to receive about $10bn for the sale of the entire unit or as much as $13bn if the assets are sold piece by piece when the bidding moves to the second round. The Anglo-Australian company, which is also the biggest miner in the world, owns more than 838,000 acres spread across four US shale sites in Texas and Arkansas. The final purchase of all the shale assets is not expected to happen until very late 2018 or even sometime in 2019. Several other companies such as private equity firm Apollo Global Management have bid for certain parts of the shale operation according to sources. At the closing of the market, BHP's share price was up 2.45 per cent at 2pm today up to 1,779p per share.
loganair: A looming East Coast gas shortage, China’s push for quality iron ore and a Banking Royal Commission spooking investors off big four bank stocks has contributed to strong share price gains out of BHP Billiton of late – with shares now sitting at a 52-week high. The Sydney Morning Herald last week reported BHP would benefit from Chinese steel-making customers willing to pay higher prices for quality iron ore and coking coal as the country sought to reduce its environmental footprint. BHP has also benefited from a rapid increase in oil prices off the back of Middle East fears and the company logged an impressive operational review for the period ended March 31 with all major projects tracking to plan and 6% volume growth expected for the 2018 financial year.
loganair: What you need to know about BHP Billiton Limited’s market update: The share price of BHP Billiton Limited (ASX: BHP) rallied to a two-month high this morning even as the world’s biggest miner cut its iron ore production guidance in its March quarter production update. The stock is 2.6% higher at $30.85 in late morning trade compared to a 0.5% gain by the S&P/ASX 200 index. BHP cut its FY18 iron ore output forecast to between 272 million and 274 million tonnes due to reliability problems with its car dumpers. The miner was initially forecasting a range of 275 million to 280 million tonnes. There are also issues with its Olympic Dam operations where the ramp-up was slower than expected in the latest quarter due to smelter maintenance, although this wasn’t enough for the miner to reduce its production forecast for copper. Instead, the miner narrowed its production guidance range for the red metal to 1.7 million to 1.785 million tonnes versus its original estimate of 1.655-1.79 million tonnes. But investors are quick to forgive as BHP said petroleum output for the financial year would be at the upper end of its 180 million to 190 million barrels of oil equivalent guidance and reaffirmed its guidance for other commodities like metallurgical coal and energy coal. Perhaps the bigger reason for BHP’s outperformance is the brightening outlook for commodities in general with most industrial metals recording strong gains in overnight trade on speculation that the US expand its sanctions against other Russian mineral producers.
loganair: Deutsche Bank now sees the mining major as a 'buy' and it has a price target of £17 per share: The move to ‘buy’ from ‘hold’ was made on valuation grounds following the de-rating of the stock in the wake of February’s interim results. The target price of £17 is around £2.50 higher than the current share price. Deutsche said the market had been unsettled by BHP’s overheads, which were higher thanks to one-off costs associated with the Olympic Dam and Bass Strait projects, the Escondida mine and metallurgical coal. However, its analysts think these have been more than priced in with the Anglo-Aussie giant trading at less than 85% of its net present value. Important to their ‘buy’ case was its impressive cash flow yield, which is expected to be around 11% next year, while strengthening balance sheet also supports that investment proposition Deutsche believes the company has headroom to make disposals worth US$10bn. It concludes that BHP is a “simple yet compelling” story.
loganair: Citigroup has kicked off the trading week with an upgrade for diversified natural resources company BHP Billiton pushing it up from a neutral rating to a buy. Citi has upgraded BHP to buy with an increase on its price target for the stock to $33 off the back of momentum from the company’s shale assets – which are up for divestment and may catch a higher price than previously thought. Citi’s calculations project BHP’s shale might attract US$14 billion instead of US$10 billion saying rumours of global upheaval due to rising risks from economic protectionism are “overdone̶1;. BHP’s share price has tracked upwards in the last 12-months, from $25.73 at this time last year recovering from a mid-2017 low of $22.10.
loganair: BHP Billiton: A Good Income Investment: BHP now generates ample excess cash flow; more than enough to pay its dividend and downsized capital expenditure needs in 2018. So far in this fiscal year, BHP has generated $7.3 billion in cash flow from operations, $1.8 billion of which goes into maintenance capital expenditure and another $1.8 billion has gone into the dividend. 'Organic development' takes another $1.9 billion of capital expenditure, presumably to keep production flat. With all that out of the way, BHP has $1.7 billion in free cash flow left over, most of which it is applying to improve the balance sheet. In this environment, it is much better for BHP to delever than it is to plow capital into new projects. BHP remains in a financially strong position. Pays you to wait: BHP pays you handsomely to wait, which is one of the reasons I continue to recommend the stock. Currently, BHP yields 5%, there's plenty of cash flow by which to pay that dividend. Expect the dividend to track earnings per share, as BHP is committed to paying half of its earnings per share in the form of dividends and BHP has a long history of a progressive dividend, with the exception of 2016 when the company had no choice. I suspect BHP will at the very least continue to raise dividends by low single-digits. BHP is a very cyclical company, and share price tends to track earnings tightly. The good news is, it appears the recovery in commodity prices is well underway. What you'll certainly get from BHP is a generous 5% yield that the company should be able to sustain in any cycle. The commodities BHP are in, copper, iron, and metallurgical coal, are both economically sensitive and volatile. However, BHP has situated itself to the point where it can make an impressive profit even at today's commodity prices. For this reason, I recommend BHP Billiton, particularly as this is a sector which income investors typically gloss over.
loganair: BHP Billiton may be able to deliver a bigger-than-expected capital return later this year on news that it could get as many as 50 qualified and interested parties to look at its shale assets. There’s nothing like a bit of competition to drive up asset prices and BHP has already gotten 24 parties to sign confidentiality agreements to enter its data rooms for the sales, according to the Australian Financial Review. The market is already expecting the sale of its unconventional oil & gas assets and for BHP to hand most of the proceeds back to shareholders in some form of capital return. However, investors are pricing in the sale at a big discount to book value as BHP had overpaid for these assets during the “boom” times and had to write down their value. Even then, these assets (namely Eagle Ford, Haynesville, Permian and Fayetteville) are sitting on BHP’s balance sheet with a US$14 billion ($17.88 billion) valuation – or 42% lower than what the miner thought it was worth in 2015. I don’t think the market believes BHP can get that much for the assets but the discount to book value may be skinnier than what many are thinking given the intense interest BHP seems to be receiving. What’s more, the oil price is holding up better than what experts were forecasting last year and that has no doubt contributed to the interest in these assets. Some keen buyers are offering an asset swap or a combination of assets and cash to consummate the deal. It’s too early to predict the outcome but BHP’s board knows an all-cash deal would be the favoured outcome for investors as the world’s largest miner has indicated that it will give back as much cash as possible to shareholders from the sale process. Getting a cash offer that is close to book value will trigger a rally in BHP’s share price. To give you a sense of perspective, the miner paid an interim dividend of $2.28 billion this year. Getting sales proceeds that are anywhere close to $18 billion is game changing! But it’s unlikely that BHP will use a one-off windfall to increase dividends. Most of the cash is likely to be returned through a share buyback of some sort – similar to how Rio Tinto Limited undertook its latest capital return – although a special dividend cannot be totally ruled out either. As I wrote, the cash-flushed BHP could unseat Commonwealth Bank of Australia as the most generous dividend payer on our market in the not-too-distant future.
anley: From the dealing desk............. Steel and iron ore prices soar to YTD highs after China’s top steel-producing region said it would extend winter production controls intended to reduce air pollution. The local government in Tangshan, China's biggest steelmaking city accounting for ~12% of the country’s steel output, says it will extend production limits scheduled to expire when the winter heating season ends in March. Singapore-traded futures for March delivery of 62% iron ore hit its highest level since April, rising by as much as 1.5% to $79.15/metric ton, and Shanghai-traded steel rebar for May surged as much as 3.8% to 4,047 yuan/ton ($641), the highest since early December 2017. In a way reflected in the current share price for BLT.
loganair: By James Mickleboro: In afternoon trade the BHP Billiton Limited (ASX: BHP) share price has edged higher to $26.64. This small gain has brought the mining giant’s year-to-date return to almost 7%. But according to one leading broker the BHP share price could still have a little further to run over the next 12 months. A research note out of Deutsche Bank this morning reveals that its analysts have retained their buy rating and increased the price target on its shares to $28.50. According to the note, the broker has increased its price target after making positive adjustments to its iron ore earnings forecasts. Should you invest? In my opinion, an investment in BHP comes largely down to whether petroleum and iron ore prices remain favourable. Combined these two commodities accounted for approximately 65% of company EBITDA in FY 2017. As I’m more bullish on oil prices now than I was last time I looked at BHP, I would agree with Deutsche that it could be a good time to pick up shares . Margins in iron, coal and copper were significantly higher over the last half-year. BHP Billiton has removed substantial cost from its operations, and is much more efficient than it was 5 years ago. Cost savings have continued, with some $2 billion in additional productivity gains. Capital expenditure has continued to moderate and, perhaps most surprising, margins have increased significantly. Five years ago or so BHP Billiton said it would "emerge stronger" on the other side of the commodities downturn. That was not an idle promise. BHP has emerged and it is much stronger, with both a lower cost structure and less debt. Basically, BHP has reduced capital expenditure to where it just offsets declines in production. Next year capex is expected to increase to $6.9 billion, but even then, the cash flow situation will be just fine. Over the last twelve months, BHP generated $16.8 billion in operating cash flow, spent $4.6 billion in GAAP-recognized capex, leaving $12.2 billion in free cash flow. The next twelve months' dividend, if the dividend per share remains the same, will be $5.3 billion. That leaves a lot of excess cash flow, which I suspect will go towards further debt reduction or a higher dividend. Management more than doubled the dividend in 2017. A solid choice for income investors: I was nervous about getting back into BHP thirteen months ago, when shares were $6 lower than where they are now. Today, however, I'd like to recommend BHP for income investors. Yes, I missed the bottom near $20, but BHP is now on much more solid ground, and has an attractive dividend. Commodities appear to have broadly bottomed and seem to be going higher. In general, there are very few 'greenfield' projects out there and demand continues to tick higher for most hard commodities, including iron and coal. At present, BHP Billiton is spinning off lots of cash, and it will continue to do so as commodity prices rise or at least remain stable, which I believe they will. I think BHP is now quite a good income play, and I believe that income investors who buy in now will not regret it in the long run.
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