The AGL Energy Limited (ASX: AGL) share price is sliding this morning, down 2.3%.
AGL shares closed yesterday trading for $7.68 and are currently trading for $7.50 apiece.
The wider market is under some selling pressure again today, with the S&P/ASX 200 Index (ASX: XJO) down 2%.
But there's an extra headwind hitting AGL shares today.
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AGL share price slides as stock trades ex-dividend today
Yesterday was the last day to buy AGL shares to receive the ASX 200 energy stock's final dividend payment. That's putting some extra pressure on the AGL share price today, as investors buying today will not receive that dividend payment.
The electricity and gas retailer reported its full-year results for the 2022 financial year on 19 August.
With underlying profits after tax down 58% from FY21 to $225 million, management declared a final unfranked dividend of 10 cents per share.
That works out to a payout ratio of 75% of AGL's underlying profit after tax. But as you'd expect with tumbling profits, the final dividend is down from the 34 cents per share paid out last year.
AGL's Dividend Reinvestment Plan (DRP) will not operate for the final dividend. Management stated that, "It is our intention to reinstate the DRP when circumstances allow."
The dividend will be paid on 27 September.
Total FY22 dividend payments came out to 26 cents per share. At the current AGL share price that works out to a trailing yield of 3.5%.
What's next for the company's dividends?
Forecasting what income investors could look forward to from AGL in FY23, Morgans expects the energy retailer to pay out total dividends of 30 cents per share. That's up 4 cents per share from this year.
Morgans has an $8.73 target for AGL shares.
AGL share price snapshot
Despite today's slide, the AGL share price remains up 17% in 2022, far outpacing the 10% year-to-date loss posted by the ASX 200.
