The Coronado Global Resources Inc (ASX: CRN) share price is having a difficult finish to the week.
At one stage today, the coal minerâs shares were down a sizeable 9% to $1.86.
This makes the Coronado share price the worst performer on the ASX 200 index on Friday.
Why is the Coronado share price the worst performer on the ASX 200?
The good news for shareholders is that todayâs decline has nothing to do with the coal price.
In fact, the NYMEX coal price rose overnight, leading to fellow coal miners New Hope Corporation Limited (ASX: NHC) and Whitehaven Coal Ltd (ASX: WHC) outperforming the ASX 200 index this afternoon.
So, why is the Coronado share price taking a tumble today?
This weakness has been driven by the coal minerâs shares trading ex-dividend this morning for its latest dividend.
When a companyâs shares trade ex-dividend, it means that the rights to an upcoming dividend payment stay with the seller and donât transfer to new buyers. As a result, a share will generally drop in line with the dividend to reflect this.
The Coronado dividend
At the end of last month, the company released its third quarter update and revealed that its year to date revenue was up 107.8% over the prior corresponding period to US$2,854 million.
This underpinned bumper cash generation and allowed the Coronado board to declare a special dividend of approximately 13.4 US cents per share. At current exchange rates, this represents a dividend of approximately 20 Australian cents per share, which equated to a 9.8% dividend yield based on yesterdayâs close price.
So, if you take this 20 cents per share dividend out of the equation, the Coronado share price would actually be trading higher today.
Eligible shareholders can now look forward to receiving this special dividend next month on 12 December.
The post Why is this ASX 200 coal share crashing 9% today? appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Dig this! Look how many of the top-performing ASX 200 shares today are miners
- Here are the top 10 ASX 200 shares today
- Here are the 3 most traded ASX 200 shares on Monday
- 4 ASX 200 shares trading ex-dividend next week
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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