Tallgrass Energy Partners (NYSE: TEP) has announced plans to increase its quarterly dividend payout 3.5%. The latest payable amount is $0.2975 per share.
The next quarterly distribution will be paid on Nov. 13 to Tallgrass shareholders of record as of Nov. 1. Annually, Tallgrass Energy's dividend adds to $1.19 per share. As of the market's close on Oct. 7, the midstream energy company's stock was trading at $23.33, which means it currently has a dividend yield of 5.1%.
Editor's note: A previous version of this article failed to take into account that the dividend paid in August was pro-rated and thus the previous version of this article overstated the dividend increase.