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Anadarko Petroleum Corp. said Tuesday it slashed its quarterly dividend to 5 cents a share from 27 cents. The new dividend will be payable on March 23 to shareholders of record on March 9. The stock was down 4.3% at $38.31 prior to a trading halt. At that price, the oil company’s new annual dividend implies a dividend yield of 0.52%, compared with the aggregate S&P 500 dividend yield of 2.39%, according to FactSet. The dividend yield prior to the cut was 2.8%. “We believe this adjustment to our dividend is the appropriate action to take in the current environment,” said Chief Executive Al Walker. “On an annualized basis, this action provides approximately $450 million of additional cash available to enhance our operations and financial flexibility.” Prior to the halt, the stock had plunged 44% over the past three months, while the S&P 500 had lost 11%.

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Libbey Inc. said it raised its quarterly dividend by about 5% to 11.5 cents a share from 11 cents a share. The glass tableware maker said the new dividend will be payable March 15 to shareholders of record on March 1. Based on current stock prices, the new annual dividend implies as an annual dividend yield of 2.9%, compared with the aggregate S&P 500 dividend yield of 2.39%, according to FactSet. The stock, which edged up 0.1% in afternoon trade, has tumbled 37% over the past three months while the S&P 500 has lost 11%.

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L-3 Communications said Tuesday it is raising its quarterly dividend to 70 cents a share from 65 cents. The new payout will be made March 15 to shareholders of record as of March 1. Shares rose 0.7% in afternoon trade, but are down 7.5% in the last 12 months, while the S&P 500 has lost about 9%.

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The U.S. Energy Information Administration cut its 2016 forecasts for West Texas Intermediate and Brent crude prices in a monthly report issued Tuesday. The government agency said it expects WTI prices to average $37.59 a barrel this year. It previously forecast a 2016 average of $38.54. The EIA also said it expects Brent crude to average $37.52 a barrel this year, compared with a previous forecast for $40.15. The government agency also reduced its 2016 U.S. oil output forecast to 8.69 million barrels from 8.73 million barrels. March WTI oil traded at $28.98 a barrel, down 70 cents, or 2.4%, on the New York Mercantile Exchange. Brent crude on ICE Futures lost $1.38, or 4.2%, to $31.48 a barrel.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News