Upstream operator Energen Corp. (EGN) has declared quarterly cash dividend of 15 cents per share. The new dividend reflects a sequential hike of roughly 3.4% as compared to 14.5 cents per share dividend paid on Dec 2, 2013. The increased dividend is expected to be paid on Mar 3, 2014, to shareholders of record as of Feb 14, 2014.
The increased payout indicates that Energen has maintained its streak of dividend increases for 32 consecutive years. If the revised dividend is maintained for the rest of the year, then the annualized dividend payout of the company would be 60 cents per share.
Based on the closing price of $72.39 as on Jan 22, 2014, the increased dividend affirms a yield of 0.8%. The dividend hike reflects continued strong performance by Energen, backed by solid operating results, good investments and a diligent execution of its strategic plan.
Energen plans to declare fourth-quarter 2013 financial results on Feb 11, 2014, after the closing bell. The Zacks Consensus Estimate for the company’s fourth-quarter stands at 83 cents per share.
Birmingham, Alabama-based Energen is an independent oil and natural gas exploration and production firm. The company currently retains a Zacks Rank #3 (Hold), implying that it is expected to perform in-line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can look at better-ranked players in the oil and gas exploration and production sector like Athlon Energy Inc. (ATHL), Linn Co LLC (LNCO) and Swift Energy Co. (SFY). All the stocks sport a Zacks Rank #1 (Strong Buy).
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