Copano Energy (NASDAQ: CPNO ) is keeping its quarterly dividend steady, handing out $0.575 per unit on April 26 to holders of record as of April 22, the company announced this week. The company has disbursed the same amount every quarter since the beginning of 2009.
Copano's existing merger agreement with Kinder Morgan Energy Partners prohibits the firm from increasing its payout over that level while the agreement remains in effect. Copano and Kinder Morgan expect to complete the merger in May, subject to receipt of Copano unitholder approval and other closing conditions. This past January, the two firms agreed that Kinder Morgan would buy Copano for roughly $3.2 billion in an all-stock transaction.
Copano's current dividend annualizes to $2.30 per unit. That yields 5.6% at the company's current unit price of $40.81.