Midstream operator Spectra Energy Partners (NYSE: SEP) announced today its fourth-quarter distribution of $0.51625 per unit, a 1.5% increase in the payout made to investors last quarter of $0.50875 per unit. It marks the 24th straight quarter Spectra has raised the distribution.
Spectra expects to continue raising the quarterly distribution with a $0.03 per unit payment in the first quarter 2014, and then $0.01 per unit quarterly thereafter.
The board of directors said the quarterly dividend is payable on Nov. 14 to the holders of record at the close of business on Oct. 31. The regular dividend payment equates to approximately $2.07-per-share annual dividend, yielding 4.6% based on the closing price today of Spectra Energy Partners' stock.