Midstream operator Spectra Energy Partners 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.
The article Spectra Energy Makes It 24 in a Row originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.