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NGL Energy Partners Increases Dividend

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NGL Energy Partners (NYSE: NGL  ) has lifted its quarterly dividend, with plans to disburse $0.4625 per unit, which will be paid on Feb. 14 to holders of record as of the end of Feb. 4. The increase is slightly more than $0.01 over the company's previous payout, which occurred last October.

Since its IPO in May 2011, the limited partnership has paid a dividend every quarter. In addition, that distribution has increased consistently. The current one is nearly $0.30 higher than NGL's initial dividend, paid in August 2011.

The company will probably continue with those increases. It quoted CEO H. Michael Krimbill as saying that "as a result of NGL's continued acquisition activity generating higher earnings and distributable cash flow, a slate of organic asset growth projects, plus very strong distribution coverage, we are targeting distribution growth for calendar 2013 in the range of 12%-15%."

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DocumentId: 2216808, ~/Articles/ArticleHandler.aspx, 9/27/2016 11:35:17 PM

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Related Tickers

9/27/2016 4:02 PM
NGL $18.38 Down -0.35 -1.87%
NGL Energy Partner… CAPS Rating: ****