Legacy Reserves (LGCY +0.00%) has drawn more money out of the ground for its investors. The company will distribute $0.575 per share of its common stock on May 15 to holders of its common units as of May 2. This amount represents an increase of $0.005 per unit, or 3.6%, over the company's previous payout of $0.570. Before that, Legacy Reserves paid $0.565 per share.
The new dividend annualizes to $2.30 per share, which yields 8.5% at Legacy Reserves' most recent closing stock price of $27.21.
The company also announced that it will discuss its Q1 results in a conference call and webcast on the morning of May 7.
