UGI raises dividend for 30th straight year
UGI Corporation will increase its quarterly dividend to $0.25 per share, marking the 30th consecutive year of dividend increases.
Directors of UGI Corporation (NYSE: UGI), a holding company with utility, propane distribution and energy services subsidiaries, approved an increase in the quarterly dividend of 5.3% to $0.25 per share on the company’s common stock. The dividend is payable July 1, 2017 to shareholders of record as of June 15, 2017.
John Walsh, president and chief executive officer of UGI, said, “We are pleased to mark the 30(th) consecutive year of increasing our dividend. This track record is a testament to the strength of UGI and its ability to grow consistently throughout various economic and business conditions. Returning cash to our shareholders remains a core component of the value we seek to create for our shareholders as both a growth and income investment.”
UGI Corporation currently has a 1.9% dividend yield. The stock has gained 7.7 percent so far in 2017, giving the company a $8.6 billion market cap.
Out of 6 analysts following UGI Corporation, 2 rate the stock a buy, with 3 'hold' recommendations and 1 analyst giving UGI a sell rating. The average price target is $48.33, which is almost 3 percent below today's closing price of $49.66.
