Spectra Energy (NYSE:SE) will soon turn up the heat on its dividend. In addition to declaring a fresh quarterly common stock payout, the company said it expects to raise its 2014 annual dividend by $0.12 per share, or nearly 10% higher than the current rate. This will be inaugurated with a $0.03-per-share increase to the company's Q1 distribution.

The just-declared dividend is $0.305 per share, which is to be paid on Dec. 9 to stockholders of record as of Nov. 8. That amount matches each of Spectra Energy's four preceding payouts, the most recent of which was dispensed in September.

The upcoming distribution annualizes to $1.22 per share, yielding 3.6% at the company's most recent closing stock price of $34.09.

Fool contributor Eric Volkman has no position in Spectra Energy. The Motley Fool recommends Spectra Energy. 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.