NGL Energy Partners Increases Dividend
Jan 25th 2013 4:56PM
Updated Jan 25th 2013 5:10PM
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%."
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