Oh my god, I have just learned that ConocoPhillips (COP) announced to cut its quarterly dividend from $0.74 to $0.25 from this blog post. As a result, the YOC of my position in COP has become 1.5%. What should I do with my holding?
I would like to drop the entire position of COP if there is no paper profit in JPY. I bought many COP shares when JPY was very high against $. Most likely I will make some gain in JPY although my position is actually 52% down in $.
Disclosure: Long COP