NGL Energy Partners has lifted its quarterly dividend, with plans to disburse $0.4625 per unit, which will be paid on Feb. 14 to holders of record as of the end of Feb. 4. The increase is slightly more than $0.01 over the company's previous payout, which occurred last October.
Since its IPO in May 2011, the limited partnership has paid a dividend every quarter. In addition, that distribution has increased consistently. The current one is nearly $0.30 higher than NGL's initial dividend, paid in August 2011.
The company will probably continue with those increases. It quoted CEO H. Michael Krimbill as saying that "as a result of NGL's continued acquisition activity generating higher earnings and distributable cash flow, a slate of organic asset growth projects, plus very strong distribution coverage, we are targeting distribution growth for calendar 2013 in the range of 12%-15%."
The article NGL Energy Partners Increases Dividend originally appeared on Fool.com.
Fool contributor Eric Volkman and The Motley Fool have no position in NGL Energy Partners. 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.