Plains All American Board Raises Annualized Dividend Rate By 19% From $1.07 to $1.27 Per Share
Portfolio Pulse from Benzinga Newsdesk
Plains All American's board has increased the annualized dividend rate by 19% from $1.07 to $1.27 per share. The management also plans to recommend a further increase of $0.20 per unit to PAA's and PAGP's Q4 2023 distribution payable in February 2024. Additionally, the company is lowering its long-term leverage ratio target range by 0.5x to 3.25x - 3.75x and expects year-end 2023 leverage to be below 3.5x.
November 03, 2023 | 11:54 am
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Plains All American's dividend increase and plans for further increase in Q4 2023, along with a lower long-term leverage ratio target, could make the stock more attractive to investors seeking regular income.
Dividend increases are generally seen as a sign of a company's strong financial health. A higher dividend can make a stock more attractive to investors who seek regular income. Additionally, a lower leverage ratio target indicates a reduced risk profile, which could also be attractive to investors.
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