National Fuel Gas keeps pumping up dividend with 4.2% hike in 2023
On June 15, 2023, Dividend champion National Fuel Gas (NFG) announced a 4.2% dividend hike to a new record high quarterly payment of $0.495 per share. This marks 53 consecutive years of dividend growth for NFG.
The National Fuel Gas Company Board of Directors approved a 4.2% increase in the dividend on the Company’s common stock, raising the quarterly rate from 47.5 cents per share as approved in June 2022 to 49.5 cents per share for an annual rate of $1.98 per share. National Fuel has paid dividends for 121 consecutive years and has increased its annual dividend for 53 straight years.
This dividend is payable July 14, 2023, to stockholders of record at the close of business on June 30, 2023. The Company has approximately 91.8 million shares of common stock outstanding. It has no preferred stock outstanding. At a stock price of $51 the dividend yield for NFG is 3.81%.
Last year National Fuel hiked the dividend by 4.4%, being the biggest increase by the company since 2008. The company now pays an estimated total dividend of $182 million annually. Unlike other Aristocrats such as Lowe's and Target, National Fuel does not disappoint with its 2023 dividend increase.
National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across four business segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility. NFG is a diversified energy company involved in the exploration, production, and development of natural gas and oil reserves, primarily in the Appalachian region. Additionally, it operates pipelines, storage facilities, and a utility subsidiary, delivering natural gas distribution services to customers in western New York and northwestern Pennsylvania.
