Enterprise Products Partners announced a 2.8% year-over-year dividend increase, with the new payout to be delivered on August 14. As of August 3, the midstream energy stock yields 5.8%, more than five times the S&P 500 dividend yield and more than double the yield of the largest energy exchange-traded fund. The company reported record second-quarter operational distributable cash flow of $2.3 billion, providing 1.9 times coverage of distributions, and retained $1.1 billion of that cash flow. Enterprise Products also repurchased $159 million of its stock during the quarter, and its payout ratio stands at 56%. The company has now increased distributions for 28 consecutive years.
Enterprise Products Partners LPRaises dividend 2.8%, reports record cash flow, and repurchases stock.
