The Woodside Energy Group Ltd (ASX: WDS) share price was a poor performer in March.
During the month, the energy giant's shares lost 7% of their value to finish at $33.34.
Though, it would have been far worse if oil prices had not rebounded late in the month.
For example, at one stage, the Woodside share price was down almost 14% month to date at $31.00.
What weighed on the Woodside share price last month?
There were a couple of reasons for the weakness in the Woodside share price in March.
The first was falling oil prices. At the height of the recent banking crisis, traders were selling down oil amid concerns that global economic growth (and therefore demand for oil) could be impacted.
How things have changed since then, though! With concerns easing in the banking sector and OPEC cutting its production, oil prices have hurtled higher in April and the Woodside share price is starting to recover.
What else happened?
Also weighing on its shares last month was the Woodside dividend.
In February, Woodside released its full-year results and declared a record fully franked final dividend of US$1.44 per share. This was up 37% on the prior corresponding period and brought its full-year dividend to US$2.53 per share, which was an increase of 87% year over year.
During March, Woodside shares traded ex-dividend for that final dividend of US$1.44 (A$2.154) per share.
When this happens, a company's shares will usually drop in line with the dividend. After all, why would new buyers pay for something they won't receive?
And given how this dividend represented a 6% yield based on the Woodside share price at the start of the month, this accounts for the majority of its decline in March.
Here's hoping April is a strong month!
