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For those seeking dependable income, energy stocks with a strong history of consistent dividend payments and increases are particularly appealing. Here, we spotlight three companies — Phillips 66, Hess Midstream, and Enterprise Products Partners — demonstrating solid dividend maintenance and growth.
Phillips 66
Phillips 66 (NYSE:PSX) operates as an energy manufacturing and logistics company globally through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, refined petroleum products, and natural gas. The Chemicals segment produces and markets ethylene and other olefin products. The refining segment refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates, aviation fuels, and renewable fuels. The M&S segment purchases refined petroleum products for resale and markets, including gasoline, distillates, and aviation fuels.
Phillips 66 has maintained dividend payments for 13 consecutive years and has raised its dividend for 12 consecutive years. Most recently, in April, the company announced a 10% dividend hike to $1.15 per share, or $4.60 annually. The dividend yield is 3.26%.
Over the past twelve months, the company generated $148.8 billion in revenue and $5.8 billion in net income.
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Hess Midstream
Hess Midstream LP (NYSE:HESM) owns, operates, develops, and acquires a diverse set of midstream assets and provides fee-based services to Hess and third-party customers. It conducts its business through three operating segments: gathering, processing & storage, and terminating & exporting.
Hess Midstream has consistently paid dividends for eight years and increased them for seven consecutive years. Most recently, in April, Hess announced a 3% raise in its quarterly dividend to $0.65 per share, or $2.60 annually. The dividend yield currently stands at 7.09%.
Over the past twelve months, Hess Midstream generated $1.39 billion in revenue and $142.5 million in net income.
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Enterprise Products Partners
Enterprise Products Partners L.P. (NYSE:EPD) is a leading North American provider of midstream energy services, transporting and processing natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the Lower 48 states.
Enterprise Products Partners has raised its dividends for 27 consecutive years. The company pays a quarterly dividend of $0.515 per share, or $2.06 annually. The dividend yield is 7.11%.
Over the past twelve months, Enterprise Products Partners generated $52 billion in revenue and $5.59 billion in net income.
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This article Energy Stocks with Robust Dividend Growth — Phillips 66, Hess Midstream, And Enterprise Products Partners originally appeared on Benzinga.com
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