Kinder Morgan Inc (KMI) announced a 2.38% increase in its cash dividend. The quarterly cash dividend will increase from $0.42 to $0.43 per share and payable on Aug 15, 2014 to shareholders on record as of Jul 31, 2014. The amount represents an increase of 8 percent from the second quarter of 2013 cash dividend amount. The annual dividend rate goes up from $1.68 to $1.72.
Kinder Morgan reported that the cash available to pay dividends rose to $332M, up 13% from a year ago and remains on track to meet or exceed its published annual budget of $1.78B in cash available to pay dividends.
My portfolio consists of 60 shares of KMI, which increases my annual dividends from $100.80 to $103.20. The yield based on today’s closing price is 4.66% and my yield-on-cost is 4.80%.