CenterPoint Energy, Inc. (CNP) will cut its quarterly dividend by 48.3 percent to 15 cents per share in 2020. Earlier this year the utility raised its quarterly dividend by 0.9 percent to $0.29 per share, marking the 15th year of annual dividend increases.

The next dividend is payable on June 11, 2020 to shareholders of record as of the close of business on May 21, 2020. A new annualized dividend rate of $0.60 per share yields 3.7% at a stock price of $16.39.

In its press release dated April 24, 2020, the company does not mention the reason of the dividend cut. CenterPoint merged with Vectren in 2019. At the time Vectren had hiked its dividend for the 59th consecutive year. The dividend cut ends 15 consecutive years of higher dividends paid to shareholders by CenterPoint.

CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. Through its electric transmission & distribution, power generation and natural gas distribution businesses, the company serves customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. CenterPoint Energy's energy businesses include natural gas marketing and energy-related services; energy efficiency, sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily natural gas. The company also owns 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets.