Is Lockheed Martin Corporation (NYSE:LMT) Venturing On Wrong Project?
In a recent development, Lockheed Martin Corporation (NYSE:LMT) will work with Atlantis Resources Corp. towards development and testing the technology as it comes to market. The U.K. based, Atlantis Resources Corp. is a tidal energy turbine maker. The London based Atlantis Resources today in an e-mail statement said that it will work with Lockheed Martin Corporation (NYSE:LMT) to design, develop and engineer a turbine (1.5 megawatt) that is to be installed at Canada’s Fundy Ocean Research Center by 2015.
Lockheed Martin Corporation (NYSE:LMT)’s work with Ocean Power Technologies Corp. in Oregon and with Reignwood Group in Southern China are other marine energy projects where the company has shared its engineering expertise.
Director of Ocean Energy Programs at Lockheed Martin Corporation (NYSE:LMT), Tim Fuhr mentioned that the tidal energy is the mostly untapped resource available on a global scale.
Both the companies are working together since 2011 and the agreement between them will also see turbines used at the MeyGen project – a venture between Atlantis, Morgan Stanley (NYSE:MS) and GDF Suez SA in northern Scotland. The planning consent for the same was received earlier this month on September 16. MeyGen project is planning to install 9 megawatt demonstration on turbine with an expansion plan to increase the capacity up to 398 megawatts.
On Thursday, September 26, the company announced to increase the dividend payout by 16% for its 4Q13 quarterly cash dividend payout. The dividend amount would increase from recent dividends of $1.15 to $1.33 per share. At the current price, the forward looking annualized dividend yield would be 4.09% with the new dividend rate. Alongside the company also announced to add $3 billion to the funds which will be used for share repurchases.
About Lockheed (NYSE:LMT)
The largest defense contractor, Lockheed Martin Corporation (NYSE:LMT) is basically engaged in the research, design, development, manufacture and integration of technology systems and products. The company operates through five business segments serving both the domestic and international markets with products and services having variety of defense, civil, and commercial applications.