Cut the Pay-Out, Boost the Buy-Back?

Deck: 
The pros and cons of dividend pay-out reductions and stock repurchase programs in uncertain economic times.
Fortnightly Magazine - October 15 2002
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The pros and cons of dividend pay-out reductions and stock repurchase programs in uncertain economic times.

DC PSC RFP Technical Consultant for Formal Case (FC) No. 1156

The Dow Jones Utility Average currently stands at its lowest level in five years. Electric and gas utilities, along with U.S. companies generally, have been consistently lowering their payout ratios over the past several years, and that downward trend is projected to continue. What do these facts portend for utility investors in the near future?

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