LyondellBasell stock rallies after special dividend announced, regular dividend raised

Shares of LyondellBasell Industries N.V.
LYB,
+5.00%
rose 1.1% in premarket trading Friday, after the U.K.-based chemical company said it will pay a special dividend of $5.20 a share, after setting new records for cash generation in 2021. With 327.6 million shares outstanding, the special dividend represents a payout of $1.70 billion. The company also raised its quarterly dividend by 5.3% to $1.19 a share from $1.13 a share. Based on Thursday’s stock closing price of $111.50, the new annual regular dividend rate implies a dividend yield of 4.27%, compared with the implied dividend yield for the S&P 500
SPX,
+2.47%
of 1.58%. Both the special and regular quarterly dividend will be paid on June 13 to shareholders of record on June 6. The stock has rallied 20.9% year to date through Thursday, while the S&P 500
SPX,
+2.47%
has dropped 14.9%.