After a slow week for dividend increases last week, eleven companies with strong balance sheets showed enough confidence in their ability to generate sufficient cash flows to substantiate dividend raises. Despite the tough economic conditions the USA is experiencing, these companies still managed to defy the odds and increase their cash dividends. The companies that showed their promise in rewarding stockholders include:
Enterprise Products Partners L.P. (EPD, Financial), a midstream energy company, which provides services to producers and consumers of natural gas, natural gas liquids (NGL), crude oil, and petrochemicals, increased its quarterly distributions by 5.60% to 54.50 cents per share. Enterprise Products Partners L.P. is a dividend achiever, which has increased its quarterly dividend in each of the past eleven years. The stock currently yields 7.80%.
A. O. Smith Corporation (AOS, Financial), which, increased its quarterly dividend by 2.60% to 19.50 cents per share. A. O. Smith Corporation is adividend achiever, which has increased its quarterly dividend for 16 consecutive years. The stock currently yields 2.00%.
Harleysville Savings Financial Corporation (HARL, Financial), which provides various banking services in southeastern Pennsylvania, boosted its quarterly dividend by 5.60% to 19 cents per share. Harleysville is a dividend achiever, which has increased its quarterly dividend for more than a decade. The stock currently yields 4.90%.
Fastenal Company (FAST, Financial), which operates as a wholesaler and retailer of industrial and construction supplies, boosted its semi-annual dividend by 5.70% to 37 cents per share. In addition to that Fastenal’s Board of Directors authorized purchases of up to 2,000,000 shares of its common stock. This authorization replaced any unused authorization previously granted by the Board of Directors. Fastenal Company did not purchase any of its outstanding common stock during the first half of 2009. Fastenal Company is a dividend achiever, which has increased its annual dividends since 1999. The stock currently yields 2.20%.
Ryder System (R, Financial), which provides transportation and supply chain management solutions, increased its quarterly dividend by 8.7% to 25 cents per share. Ryder System has regularly increased its quarterly since 2005. The stock currently yields 3.70%.
ONEOK (OKE, Financial), which engages in the purchase, transportation, storage, and distribution of natural gas, increased its quarterly dividend to 42 cents per share. ONEOK has increased its quarterly dividend in each of the past 7 years. The company is the general manager behind the master limited partnership Oneok Partners (OKS). The stock currently yields 5.30%.
I would put Fastenal Company (FAST), A.O. Smith Corporation (AOS), Enterprise Products Partners L.P. (EPD) and Harleysville Savings Financial Corporation (HARL) on my watchlist for further research.
Full Disclosure: None
Dividend Growth Investor
www.dividendgrowthinvestor.com
Enterprise Products Partners L.P. (EPD, Financial), a midstream energy company, which provides services to producers and consumers of natural gas, natural gas liquids (NGL), crude oil, and petrochemicals, increased its quarterly distributions by 5.60% to 54.50 cents per share. Enterprise Products Partners L.P. is a dividend achiever, which has increased its quarterly dividend in each of the past eleven years. The stock currently yields 7.80%.
A. O. Smith Corporation (AOS, Financial), which, increased its quarterly dividend by 2.60% to 19.50 cents per share. A. O. Smith Corporation is adividend achiever, which has increased its quarterly dividend for 16 consecutive years. The stock currently yields 2.00%.
Harleysville Savings Financial Corporation (HARL, Financial), which provides various banking services in southeastern Pennsylvania, boosted its quarterly dividend by 5.60% to 19 cents per share. Harleysville is a dividend achiever, which has increased its quarterly dividend for more than a decade. The stock currently yields 4.90%.
Fastenal Company (FAST, Financial), which operates as a wholesaler and retailer of industrial and construction supplies, boosted its semi-annual dividend by 5.70% to 37 cents per share. In addition to that Fastenal’s Board of Directors authorized purchases of up to 2,000,000 shares of its common stock. This authorization replaced any unused authorization previously granted by the Board of Directors. Fastenal Company did not purchase any of its outstanding common stock during the first half of 2009. Fastenal Company is a dividend achiever, which has increased its annual dividends since 1999. The stock currently yields 2.20%.
Ryder System (R, Financial), which provides transportation and supply chain management solutions, increased its quarterly dividend by 8.7% to 25 cents per share. Ryder System has regularly increased its quarterly since 2005. The stock currently yields 3.70%.
ONEOK (OKE, Financial), which engages in the purchase, transportation, storage, and distribution of natural gas, increased its quarterly dividend to 42 cents per share. ONEOK has increased its quarterly dividend in each of the past 7 years. The company is the general manager behind the master limited partnership Oneok Partners (OKS). The stock currently yields 5.30%.
I would put Fastenal Company (FAST), A.O. Smith Corporation (AOS), Enterprise Products Partners L.P. (EPD) and Harleysville Savings Financial Corporation (HARL) on my watchlist for further research.
Full Disclosure: None
Dividend Growth Investor
www.dividendgrowthinvestor.com
