The Duff & Phelps Global Utility Income Fund Inc. (DPG, Financial) has announced a quarterly dividend of 35 cents per share. The dividend is payable on Dec. 29 with an ex-dividend date of Dec. 14.
The Fund has paid a steady quarterly dividend of 35 cents since 2013. It is currently trading at $16.22 with a forward dividend yield of 8.63%.
Year to date it has a return of 3.74%. For the one-year period it is down 6.35%. For the three-year period it is down 24.47%, and for the five-year period it is down 13.32%.
The Fund is structured as a closed-end fund, and it was launched in 2011. It seeks a high level of current income with an emphasis on tax-advantaged dividend income. It also manages for capital appreciation and total return. Its investments are focused on domestic and foreign utility stocks. The portfolio holds at least 80% in equity investments from the utility sector. The Fund’s investment parameters also keep it diversified across regions and among the utilities subsectors.
As of July 31, the greatest portion of the portfolio was in U.S. investments at 54% followed by Canada at 21%. By utilities subsector the greatest portion of the portfolio’s investments are in oil, gas storage and transportation at 44%, followed by domestic and non-U.S. at 31%.
The Fund has 37.93 million shares outstanding with a market cap of $610 million. Its chief investment officer is Eric Elvekrog. Elvekrog recently reported an increase in his share holdings, buying 1,400 shares for a transaction value of $22,554. The share purchase brings his total ownership to 7,291 shares for a total value of $117,458.
Disclosure: I do not own any shares of the stock mentioned in this article.
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