Western Refining (NYSE:WNR) investors are about to find a few more coins in their pockets. The company has declared a Q3 dividend of $0.18 per share, to be paid on Aug. 15 to shareholders of record as of July 31. That amount is exactly 50% higher than Western Refining's previous disbursement of $0.12, which was handed out in early May.
In the press release announcing the news, the company sounded a confident note about its present and future. It quoted CEO Jeff Stevens as saying that the dividend increase, in combination with its current stock buyback program, "reflects the Company's confidence in the current margin environment and demonstrates our continued commitment of returning cash to shareholders."
The new dividend annualizes to $0.72 per share. That yields 2.6% at Western Refining's most recent closing stock price of $28.16.
Fool contributor Eric Volkman has no position in Western Refining. The Motley Fool owns shares of Western Refining. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.