New Oil Stock Debuts With Dividend Yield Above 12%
The newly public Presidio Production Company won’t wow investors by finding the next big oil-gusher. The Fort Worth, Texas, company, whose stock started trading Thursday on the New York Stock Exchange, expects to have a 12.9% dividend yield, among the highest in the stock market. The stock went public through the special purpose acquisition company, or SPAC, process with an enterprise value around $700 million.
