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CVR Energy boosts dividend by 50%

CVR Energy Inc. said Tuesday it will raise its quarterly dividend by 50% to 75 cents a share from 50 cents a share. The new dividend will be payable Aug. 13 to shareholders of record on Aug. 6. Based on the petroleum refining company's Friday stock closing price of $43.61, the new annual dividend rate of $3.00 would represent a dividend yield of 6.88%, compared with the yield for the SPDR Energy Select Sector ETF of 3.01% and the implied yield for the S&P 500 of 1.94%, according to FactSet.