KMP (Kinder Morgan Energy Partners) announced a new quarterly dividend of $1.39 up from $1.38 last quarter and up from $1.32 from last year. This represents a 5.3% increase compared to last year. The new dividend represents a yield of 6.75% based on today’s closing price of $82.35. They have also increase their dividends multiple times a year for the past few years.
I purchased KMP back in March this year as a speculative position because of their high yield. The results announced today missed on earnings, but beat on revenue. Hopefully they are able to continue to grow their profits and also their dividends.