CenterPoint Energy Inc. /zigman2/quotes/206368471/composite CNP +0.21% announced measures to strengthen its financial position, citing the negative impact of the COVID-19 pandemic on the energy market and economy. The energy delivery and utilities company said its cutting its quarterly dividend to 15 cents a share from 29 cents, which lowers the implied dividend yield to 4.25% from 8.22%, compared with the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% of 2.42%. CenterPoint said it is also cutting 2020 capital spending by $300 million to $2.3 billion, and is targing expense reductions of $40 million. The company said Enable Midstream Partners L.P.'s /zigman2/quotes/203715383/composite ENBL +1.72% announcement of a 50% dividend reduction, and given that CenterPoint owns 53.7% of Enable's shares outstanding, will reduce payments to CenterPoint by about $155 million a year. Separately, the company said Chief Financial Officer Xia Liu will leave the company, after joining last year. CenterPoint named Chief Accounting Officer Kristie Colvin as interim CFO. The stock, which was still inactive in premarket trading, has dropped 47.6% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% has lost 24.2%.