Discover 20 of 2023's biggest dividend increases
Dividends
December 27, 2023
DICK'S Sporting Goods, a leading U.S. sporting goods retailer, recently disclosed its financial results for the fourth quarter and full year ending January 28, 2023. Despite a challenging market, the company demonstrated resilience with a 7.3% increase in net sales for the fourth quarter, reaching $3,597 million. Notably, comparable store sales increased by 5.3%, showcasing the company's ability to adapt to consumer preferences.
One significant development contributing to investor confidence is the decision to increase dividends. On March 6, 2023, DICK'S Board of Directors declared a quarterly dividend of $1.00 per share, a remarkable 105% increase over the previous quarter. This translates to an annualized dividend of $4.00 per share, reflecting the company's commitment to rewarding shareholders. This strategic move aligns with DICK'S solid financial standing, highlighted by a robust balance sheet with $1,924 million in cash and cash equivalents.
The decision to boost dividends is underpinned by the company's strong financial performance, including a net income of $236 million for Q4 2022. DICK'S Sporting Goods is poised for continued success in 2023, as indicated by its optimistic outlook, expecting earnings per diluted share between $12.90 to $13.80 and flat to positive 2.0% comparable store sales. This reinforces investor confidence in the stock's potential, backed by the company's sound financial management and strategic growth initiatives.
DICK'S Sporting Goods, Inc. is a prominent sporting goods retailer primarily serving the eastern United States. With 726 stores as of August 2020, the company offers a wide range of hardlines, including sporting equipment, fitness gear, golf supplies, and hunting/fishing products, along with apparel, footwear, and accessories. In addition to its flagship stores, DICK'S owns and operates specialty concept stores like Golf Galaxy and Field & Stream, as well as engaging in e-commerce through various websites. Originally founded in 1948 as Dick's Clothing and Sporting Goods, the company rebranded to DICK'S Sporting Goods, Inc. in April 1999. Headquartered in Coraopolis, Pennsylvania, DICK'S also ventures into the digital realm with GameChanger, a youth sports mobile app catering to scheduling, communications, and live scorekeeping.
Minerals Technologies Inc. has just upped the ante for its investors. The company announced a 100% increase in its regular quarterly dividend, now standing at $0.10 per share on its common stock, up from the previous $0.05. This means good news for stockholders, who can expect the dividend to hit their accounts on December 7, 2023, provided they were on the books as of November 1, 2023.
The decision to boost the dividend didn't happen in a vacuum. MTI's Board of Directors is also giving the green light to a fresh $75 million share repurchase program, effective immediately. According to Douglas T. Dietrich, Chairman and CEO, this move signals the board's unwavering confidence in the company's growth trajectory and financial performance. Dietrich emphasized the commitment to a balanced approach, ensuring shareholders benefit while maintaining the financial flexibility for strategic growth initiatives. This announcement, made earlier this year, showcases MTI's dedication to both rewarding its investors and pursuing sustainable growth.
Minerals Technologies Inc., established in 1968 and headquartered in New York, is a global company specializing in the development, production, and marketing of diverse specialty mineral, mineral-based, and synthetic mineral products, along with associated systems and services. The Performance Materials segment supplies bentonite, chromite, and leonardite for applications in metal casting, household and personal care products, specialty items, as well as basic minerals, environmental products, and building materials. The Specialty Minerals segment focuses on precipitated calcium carbonate, quicklime, limestone, and talc, serving industries such as paper, building materials, paint, coatings, glass, ceramic, polymer, food, automotive, and pharmaceuticals. The Refractories segment offers refractory materials, specialty products, and services for steel, non-ferrous metal, and glass industries. The Energy Services segment provides offshore filtration and well testing services to the oil and gas sector. The company utilizes a direct sales force and regional distributors to market its products globally.
Voya Financial, a leading financial services company, made headlines by doubling its common stock dividend to $0.40 per share for the third quarter of 2023. This move reflects Voya's confidence in its robust cash generation and commitment to delivering value to shareholders. Heather Lavallee, the CEO of Voya Financial, emphasized the company's strategic and financial strength, attributing the dividend increase to their focus on customer-centric businesses and high free cash flow.
The announcement also included a semi-annual dividend of $30.625 per share for Voya's Series A 6.125% fixed-rate reset non-cumulative preferred stock and a quarterly dividend of $13.3750 per share for the Series B 5.35% fixed-rate reset non-cumulative preferred stock. Both preferred stock dividends will be payable on September 15, 2023. Voya's commitment to being good stewards of shareholder capital and dedication to broader growth plans underscore the company's optimistic outlook for the future. Investors can find assurance in Voya Financial's strategic positioning and strong financial foundation, making it a noteworthy consideration in the current market landscape.
Voya Financial, Inc. is a leading retirement, investment, and employee benefits company operating in the United States. The company's Retirement segment focuses on providing tax-deferred employer-sponsored retirement savings plans and individual retirement accounts, along with financial products and services for corporate, education, healthcare, non-profit, and government entities. In the Investment Management segment, Voya offers a range of fixed income, equity, multi-asset, and alternative products to both individual investors and institutional clients. The Employee Benefits segment specializes in stop loss, group life, voluntary employee-paid, and disability products for mid-sized and large businesses. Established in 1999 as ING U.S., Inc., the company rebranded as Voya Financial, Inc. in April 2014 and is headquartered in New York, New York, maintaining a strategic relationship with Vault.
Entravision, a global leader in advertising solutions, media, and technology, recently announced an exciting development for its shareholders. The company's Board of Directors has approved a significant increase in its quarterly cash dividend, now standing at $0.05 per share for its Class A, Class B, and Class U common stock. This marks a doubling of the previous quarterly dividend, which was $0.025 in 2022, and brings the dividend back to its pre-pandemic level.
The decision to enhance the dividend to $0.05 reflects Entravision's robust financial position and the Board's confidence in the company's ability to drive sustained, profitable growth. With an anticipated aggregate payout of around $4.4 million, this move demonstrates a commitment to shareholder value. The first payout of this increased dividend is scheduled for March 31, 2023, to shareholders of record as of March 16, 2023, with the stock trading ex-dividend on March 15, 2023. This news follows a consistent track record, as Entravision celebrates its 41st consecutive dividend payment over the past 13 years, showcasing its dedication to delivering returns to shareholders.
Entravision Communications Corporation, established in 1996 and headquartered in Santa Monica, California, is a leading media company specializing in reaching and engaging Hispanics across various acculturation levels and media channels. Operating in the United States, Spain, Mexico, Argentina, and other Latin American countries, the company has three key segments: Television Broadcasting, Radio Broadcasting, and Digital Media. Their diverse portfolio offers integrated marketing and media solutions, including television, radio, and digital properties, along with data analytics services. Entravision provides a suite of digital advertising solutions, such as the Smadex platform, enabling advertisers to connect with their target audiences across Internet-connected devices at scale. The company boasts 56 primary television stations, 49 primarily Spanish-language radio stations, and Entravision Solutions, a national sales representation division facilitating ad sales and syndication of radio programming.
Scorpio Tankers, a leading player in the shipping industry, has declared a quarterly cash dividend of $0.20 per share on its common stock. This news follows the release of the company's financial results for the three months and year ending December 31, 2022. Notably, Scorpio Tankers reported impressive net income figures, with $264.4 million for Q4 2022 and $637.3 million for the full year. The dividend increase is reflective of the company's robust financial performance, marked by adjusted net income and strategic decisions such as the sale of vessels and debt reduction.
The positive financial outlook is attributed to various factors, including gains from reversing impairment and successful vessel sales. Scorpio Tankers' prudent approach to debt management is evident through its active debt and lease repayments, resulting in a reduction of outstanding debt by significant amounts. Moreover, the company's commitment to shareholder value is underscored by its share repurchase programs and the recent authorization of a new Securities Repurchase Program of up to $250 million. These initiatives showcase Scorpio Tankers' confidence in its future prospects and dedication to enhancing shareholder returns. Investors are likely to view these developments favorably, aligning with Scorpio Tankers' continued efforts to optimize its financial position and reward shareholders through dividends and share repurchases.
Scorpio Tankers Inc., together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 27, 2020, it owned, finance leased, or bareboat chartered 137 product tankers, which included 42 LR2, 12 LR1, 62 MR, and 21 Handymax tankers with an average age of approximately 4.4 years. The company was founded in 2009 and is based in Monaco.
BayCom Corp (BCML), which is the parent of United Business Bank, recently declared a significant dividend increase. The Board of Directors approved a quarterly cash dividend of $0.10 per share on its outstanding common stock, doubling the previous $0.05 per share dividend declared in November 2022. This positive development reflects the company's commitment to rewarding shareholders.
The decision to boost the dividend is likely attributed to BayCom's strong financial performance and confidence in its future prospects. Investors can look forward to receiving the increased dividend on April 14, 2023, if they are on the shareholder record as of March 10, 2023. This move not only enhances shareholder value but also signals the company's optimism in its ability to generate sustainable returns. Keep an eye on BayCom Corp for potential future developments and consider its stock for potential investment opportunities.
BayCom Corp., based in Walnut Creek, California, serves as the bank holding company for Bay Commercial Bank. With 262 full-time employees, it offers comprehensive financial services to businesses, business owners, and individuals. Operating through its wholly owned banking subsidiary, United Business Bank, the company has a presence across 32 branches in the San Francisco Bay Area, Seattle, Washington, and Central New Mexico. BayCom Corp. specializes in providing a diverse range of lending products, such as commercial real estate, multi-family, commercial and industrial, SBA, construction, land, agriculture-related, and consumer loans. Additionally, it offers a variety of deposit accounts, including demand, savings, money market, and time deposits. The company distinguishes itself through convenience-related services, including banking by appointment, online banking, access to a national ATM network, remote deposit capture, and courier service.
Wendy's, the iconic fast-food brand founded in 1969, recently announced impressive financial results for the fiscal year ending January 1, 2023. Despite the challenges of the past year, Wendy's demonstrated robust sales and profit growth, with global same-restaurant sales reaching double digits for the second consecutive year. In response to this positive momentum, Wendy's Board of Directors approved a substantial 100% increase in its quarterly dividend, now set at $0.25 per share. This decision reflects the company's commitment to rewarding shareholders while maintaining flexibility for future investments and growth.
CEO Todd Penegor emphasized the strength of Wendy's brand and highlighted key achievements, including a nearly 300 basis points expansion in Company restaurant margins. The move to double the dividend aligns with Wendy's capital allocation policy and positions the company for continued success. Notably, Wendy's largest shareholder, Trian Fund Management, expressed confidence in the company's growth plans and endorsed the capital allocation strategy.
In addition to the dividend increase, Wendy's announced a new $500 million share repurchase authorization, signaling further commitment to shareholder value. The company's proactive measures also extend to an organizational redesign aimed at maximizing efficiency and supporting long-term growth strategies. As Wendy's continues to evolve and expand its global footprint, these recent developments position the brand as a thriving force in the competitive fast-food industry.
The Wendy's Company, a leading quick-service restaurant firm, operates in three segments: Wendy's U.S., Wendy's International, and Global Real Estate & Development. Specializing in hamburger sandwiches, the company is engaged in operating, developing, and franchising a network of quick-service restaurants. As of December 29, 2019, it managed 357 company-owned restaurants, 5,495 franchised restaurants in the U.S., and 936 internationally. The company also owns and leases real estate properties, with 512 owned and 1,248 leased properties as of December 29, 2019. Originally known as Wendy's/Arby's Group, Inc., it changed its name to The Wendy's Company in July 2011. Founded in 1969, the company is headquartered in Dublin, Ohio.
VAALCO Energy, Inc. (EGY) recently made waves by boosting its quarterly cash dividend by an impressive 92% to $0.0625 per share of common stock for Q1 2023 ($0.25 annualized). This move follows a successful 2022, during which VAALCO paid $9.3 million in dividends and returned an additional $6 million to shareholders through share buybacks. CEO George Maxwell highlighted the company's commitment to sustainable cash flow, operational excellence, and a robust balance sheet. Despite challenges in Gabon and Canada impacting Q4 2022 results, VAALCO reported a 43% YoY increase in full-year 2022 production to approximately 10,150 NRI BOEPD.
The dividend increase aligns with VAALCO's strategic vision, aiming to provide shareholders with a compelling yield of over 5% based on the current stock price. Maxwell expressed confidence in the company's investment proposition, combining dividends, share buybacks, and potential capital appreciation. The positive outlook stems from strong operational results in Egypt, ongoing drilling programs in Canada and Egypt, and successful integration of TransGlobe assets. VAALCO's disciplined approach to cost management, enhanced by synergies from the TransGlobe acquisition, positions the company for continued success in 2023. Investors can anticipate further insights and guidance during VAALCO's year-end 2022 conference call in March. With premier assets in Gabon, Egypt, and Canada, VAALCO remains dedicated to delivering value through strategic initiatives and rewarding shareholders.
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas. The company holds Etame production sharing contract related to the Etame Marin block located offshore in the Republic of Gabon, West Africa. It also owns interests in an undeveloped block offshore Equatorial Guinea, West Africa. VAALCO Energy, Inc. was founded in 1985 and is headquartered in Houston, Texas.
Bloomin' Brands, Inc. (BLMN) recently shared its financial performance for Q4 2022 and Fiscal Year 2022, signaling a robust year with profits surpassing pre-pandemic levels. Despite facing inflation challenges, CEO David Deno highlighted positive comparable restaurant sales across all U.S. brands and record-breaking profits in the Brazil business. The company's proactive approach to elevating customer experience and fostering innovation contributes to its solid start in 2023, focusing on sustainable top-line growth.
Noteworthy financial indicators include a 4.6% increase in total revenues for Q4 2022, primarily driven by higher comparable restaurant sales. The CEO emphasized the company's resilience amid challenges, and the financial outlook for 2023 includes a 53rd week and benefits from Brazil tax legislation. The impressive 71% increase in the quarterly cash dividend, now at $0.24 per share, reflects Bloomin' Brands' confidence in strong cash flows. CFO Chris Meyer mentioned the company's ability to generate ample cash flow, supporting investments in people and growth initiatives. Moreover, the new $125 million share repurchase authorization underlines their commitment to shareholder value.
The Brazil tax legislation also plays a pivotal role, providing a 100% exemption from federal income tax and value-added tax for five years. This translates to an estimated $23 million benefit to consolidated 2023 results, affirming Bloomin' Brands' positive trajectory. The company's 2023 financial outlook anticipates 2-4% U.S. comparable restaurant sales growth and emphasizes strategic measures to navigate commodity and labor inflation. With this, Bloomin' Brands projects a solid 15-19% growth in diluted earnings per share, showcasing a promising outlook for investors.
Bloomin"' Brands, Inc., through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba''s Italian Grill, a casual Italian restaurant; Bonefish Grill, an upscale casual seafood restaurant; and Fleming''s Prime Steakhouse & Wine Bar, a contemporary steakhouse. As of December 29, 2019, the company owned and operated 1,045 restaurants and franchised 173 restaurants across 48 states; and owned and operated 128 restaurants and franchised 127 restaurants across 21 countries, Puerto Rico, and Guam. Bloomin'' Brands, Inc. was incorporated in 2006 and is based in Tampa, Florida.
Ituran Location and Control Ltd. (ITRN) has reported impressive financial results for the third quarter of 2023, showcasing robust growth. The company experienced a substantial net subscriber increase of 48,000, contributing to a 12% year-over-year improvement in revenue, reaching $81.1 million. Net income also surged by 24%, reaching $12.5 million. Eyal Sheratzky, Co-CEO of Ituran, expressed satisfaction with the accelerated subscriber growth, highlighting the company's highest-ever level of subscriber revenues. Despite some impact from reduced car sales in Israel due to regional conflicts, Ituran maintains stability and anticipates solid performance in the future.
In recognition of its strong financial position, Ituran declared a dividend of $5 million for the quarter, signaling a return to its former dividend policy, representing a 67% increase from the previous policy. This move reflects the company's commitment to rewarding loyal shareholders. Additionally, the share buyback program was increased by $10 million, with $6.7 million remaining as of September 30, 2023. Ituran's strategic initiatives, coupled with its consistently growing subscriber base, position the company for continued success and shareholder value.
Ituran Location and Control Ltd. and its subsidiaries specialize in location-based services and wireless communications products. The company's Location-Based Services segment offers stolen vehicle recovery, fleet management, and personal locator services, along with on-demand navigation and assistance. It serves various clients, including insurance companies, car manufacturers, and private subscribers. The Wireless Communications Products segment provides radio receivers, control centers, navigation devices, and portable transmitters for tracking and communication purposes. Established in 1994 and headquartered in Azor, Israel, Ituran serves approximately 230,000 end-users through 40,000 corporate customers across Israel, Brazil, Argentina, Mexico, Ecuador, Colombia, and the United States.
RLJ Lodging Trust, a leading hotel real estate investment trust, recently shared its financial results for Q4 and full-year 2022. The company reported positive trends, with a Portfolio comparable Revenue per Available Room (RevPAR) of $127.25 in Q4, reflecting a strong recovery in urban markets. RLJ Lodging Trust achieved key milestones, including addressing all 2023 debt maturities, launching three hotel conversions, and repurchasing 0.7 million common shares. Notably, the company increased its quarterly cash dividend by 60%, underlining confidence in the improving business travel environment and urban market recovery. This dividend boost, along with strategic acquisitions and successful hotel conversions, positions RLJ Lodging Trust for continued growth in the hospitality sector.
In response to positive industry dynamics, RLJ Lodging Trust's President and CEO, Leslie D. Hale, highlighted the company's successful execution of key initiatives in 2022. The strengthening of the balance sheet, robust share repurchases, and dividend raises reflect RLJ Lodging Trust's commitment to enhancing shareholder value. Looking ahead to 2023, the company remains optimistic, anticipating continued outperformance in urban markets. RLJ Lodging Trust's Q1 2023 outlook includes a Comparable RevPAR of $133.00 to $137.00, demonstrating the company's confidence in sustained growth and positive operational performance.
Investors should keep an eye on RLJ Lodging Trust's strategic moves, including potential acquisitions and market dynamics, as these factors could influence the company's future financial landscape. Overall, RLJ Lodging Trust's recent achievements and forward-looking outlook position it as a noteworthy player in the evolving hospitality industry.
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company's portfolio consists of 103 hotels with approximately 22,570 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.
Matador Resources Company (MTDR) has wrapped up an impressive 2022, with the fourth quarter marking record-breaking production despite weather challenges. Founder and CEO Joseph Wm. Foran is optimistic about an even better 2023. The company recently upped its quarterly dividend by 50% to $0.15 per share, payable on March 9, 2023, rewarding shareholders for its robust performance.
In 2022, Matador achieved historic oil and natural gas production, with annual figures exceeding 100,000 BOE per day for the first time. Financially, the company reported record-breaking net income of $1.21 billion and Adjusted EBITDA of $2.13 billion, both surging over 100% from 2021. With a strong financial position, Matador successfully reduced debt and repurchased over $350 million of senior notes in 2022, achieving the lowest leverage ratio since going public in 2012.
The company's strategic move to acquire Advance Energy Partners Holdings, LLC for $1.6 billion enhances its growth potential. The deal is set to close in Q2 2023, funded by existing cash, free cash flow, and credit agreements. Matador's 2023 plan includes aggressive drilling, with over 90 net operated wells projected. Amid these positive developments, the CEO expresses excitement about Matador's future, emphasizing disciplined asset development, dividend payouts, and strategic expansions as key priorities.
Matador Resources Company, an independent energy firm headquartered in Dallas, Texas, specializes in the exploration, development, production, and acquisition of oil and natural gas resources across the United States. Operating in two key segments, Exploration and Production, as well as Midstream, the company holds significant interests in the Wolfcamp and Bone Spring plays in the Delaware Basin, the Eagle Ford shale play in South Texas, and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Matador also conducts midstream operations to support its exploration activities, providing natural gas processing, oil transportation, and gathering services. Founded in 2003 and formerly known as Matador Holdco, Inc., the company changed its name to Matador Resources Company in August 2011. As of December 31, 2019, Matador boasted estimated total proved oil and natural gas reserves of 252.5 million barrels of oil equivalent.
Nexstar Media Group, Inc. (NXST) made a noteworthy move earlier this year by boosting its quarterly cash dividend by a substantial 50%, now standing at $1.35 per share starting from the first quarter of 2023. This decision, greenlit by the Board of Directors, reflects the company's confidence in its ability to consistently generate significant free cash flow. Perry Sook, Founder, Chairman, and CEO of Nexstar Media Group, expressed enthusiasm about surpassing their historical compound annual dividend growth rate of 25%. He emphasized their commitment to returning capital to shareholders and highlighted the company's robust free cash flow, enabling increased dividends, share repurchases, debt reduction, and pursuit of strategic opportunities for shareholder value creation.
This dividend hike aligns with Nexstar's vision to strike a balance between rewarding shareholders and reinforcing financial stability. Sook emphasized the company's intention to maintain regular quarterly cash dividends while also maintaining flexibility, with the Board of Directors reviewing and declaring subsequent dividends at their discretion. For investors eyeing Nexstar, this move signifies the company's confidence in its financial strength and commitment to delivering value, making it a potential contender for those seeking dividend-oriented investments.
Nexstar Media Group, Inc. is a leading television broadcasting and digital media company based in the United States. Specializing in small and medium-sized markets, the company focuses on acquiring, developing, and operating television stations and interactive community websites. Offering free over-the-air programming to TV audiences, Nexstar provides services to a vast network of television stations in 115 markets across multiple states. Additionally, the company offers digital media solutions, including a digital publishing and content management platform, digital video advertising platform, and social media advertising platform. Nexstar Media Group, Inc. is affiliated with major broadcast television networks and owns WGN America, a national general entertainment cable network. Established in 1996 and headquartered in Irving, Texas, the company was formerly known as Nexstar Broadcasting Group, Inc.
Public Storage (PSA), a prominent player in the self-storage industry and a member of the S&P 500 and FT Global 500, has delighted its investors by announcing a substantial 50% increase in its regular common quarterly dividend. The dividend has surged from $2.00 to $3.00 per share, translating to an annualized boost from $8.00 to $12.00 per share. This move reflects the company's robust financial performance and strategic initiatives, including a focus on digital innovation and strengthening operational advantages.
According to Joe Russell, the President and CEO of Public Storage, the company's emphasis on growth-oriented strategies, coupled with a resilient balance sheet and strong cash flow, positions it well for sustained expansion and value creation. The dividend windfall is scheduled to be distributed on March 30, 2023, to shareholders of record as of March 15, 2023. Public Storage's impressive portfolio encompasses 2,836 self-storage facilities across 40 states in the U.S. and a 35% common equity interest in Shurgard Self-Storage SA, which operates 259 facilities in seven Western European nations. The company's headquarters are situated in Glendale, California. This dividend increase signals not only financial strength but also the company's confidence in its ability to navigate and thrive in the evolving market landscape.
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ?Shurgard? brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.
Summit Hotel Properties, recently made waves by boosting its quarterly cash dividend for the first quarter ending March 31, 2023. Shareholders and limited partners will be pleased to receive $0.06 per common stock share, marking a 50% increase from the previous quarter. This move translates to an enticing annualized dividend yield of 3.9%, calculated based on the closing stock price as of April 26, 2023.
Furthermore, Summit Hotel Properties, Inc. declared cash dividends for its preferred stockholders. The 6.25% Series E Cumulative Redeemable Preferred Stock will see a payout of $0.390625 per share, while the 5.875% Series F Cumulative Redeemable Preferred Stock will receive $0.3671875 per share. The operating partnership is not left out, with distributions of $0.328125 per unit for the unregistered 5.25% Series Z Cumulative Perpetual Preferred Units.
This strategic dividend increase demonstrates Summit Hotel Properties' commitment to rewarding its investors. The dividends are slated for payment on May 31, 2023, providing an additional incentive for investors to hold onto their shares. These positive developments may stem from the company's strong financial performance and underline its dedication to shareholder value. Keep an eye on Summit Hotel Properties as it continues to navigate the dynamic landscape of the hospitality industry.
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of November 3, 2020, the Company''s portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.
Schlumberger Limited, a leading energy services company, reported robust fourth-quarter and full-year 2022 results, showcasing impressive growth in revenue and earnings. The company's CEO, Olivier Le Peuch, highlighted the success of the year, with revenue growing across all divisions and geographical areas. Notably, SLB experienced a transformative 2022, marked by significant achievements, including a 23% growth in revenue, 70% growth in earnings per share (EPS), and expanded adjusted EBITDA margins.
Le Peuch attributed the success to strategic initiatives, such as a refocused portfolio, fit-for-basin technology, and performance differentiation, which led to increased market access and improved pricing, especially in North America. Despite geopolitical challenges and supply chain bottlenecks in the first half of the year, international markets rebounded, resulting in a full-year revenue growth of 20%.
In response to this outstanding performance, SLB increased its dividend by 40% in April 2022 and further raised it by 43% in January 2023, demonstrating confidence in its strategy and commitment to delivering superior returns to shareholders. The company also resumed its share buyback program. Le Peuch expressed pride in the team's achievements and outlined the company's strong position for growth and returns in the coming year, emphasizing positive market fundamentals and a compelling macro backdrop for the energy sector.
Schlumberger Limited, founded in 1926 and headquartered in Houston, Texas, is a global leader in providing advanced technology solutions to the oil and gas industry. The company operates through various segments, including Reservoir Characterization, offering interpretation and data processing services; Drilling, specializing in drill bits, fluid systems, and drilling equipment; Production, providing a range of well services and artificial lift equipment; and Cameron, offering integrated subsea production systems and processing solutions. Schlumberger's comprehensive services span reservoir characterization, drilling, production enhancement, and processing, making it a key player in the energy sector worldwide.
Targa Resources Corp. (TRGP) just announced a significant boost in its quarterly cash dividend. The company's board of directors declared a dividend of $0.50 per common share, totaling $2.00 annually for the first quarter of 2023. This marks an impressive 43 percent increase compared to the dividend declared in the same period last year. Shareholders can look forward to receiving the cash dividend on May 15, 2023, if they are on record as of April 28, 2023.
This dividend hike is in line with Targa's previously disclosed expectations, reflecting the company's commitment to delivering value to its investors. The move may be attributed to Targa's robust financial performance and positive outlook, reinforcing its position as a reliable investment. For those considering Targa Resources Corp. for their portfolio, this dividend increase adds an appealing dimension to the stock, potentially enhancing its attractiveness for income-focused investors. Stay tuned for further developments and insights into Targa's promising dividend prospects.
Targa Resources Corp. and its subsidiary, Targa Resources Partners LP, are leading players in the North American midstream energy sector. With operations in Gathering and Processing, as well as Logistics and Transportation, the company owns, operates, acquires, and develops an extensive portfolio of midstream energy assets. Targa is actively involved in the comprehensive energy value chain, handling activities such as gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, and transporting natural gas liquids (NGL) and NGL products; as well as storing, terminaling, and selling crude oil and refined petroleum products. The company also engages in wholesale propane trade and offers related logistics services. With a significant network comprising approximately 28,900 miles of natural gas pipelines, 46 processing plants, and 34 storage wells, Targa Resources Corp. is a key player in the energy infrastructure landscape. Established in 2005, the company is headquartered in Houston, Texas.
Westlake Corporation has announced a noteworthy 40% increase in its regular dividend distribution, setting it at 50.00 cents per share for the second quarter of 2023. This substantial uptick from the previous quarter's 35.70 cents per share underscores the company's robust cash generative business model and sustained growth. Albert Chao, the President and CEO of Westlake, attributes this dividend boost to strategic investments in differentiated and specialty products within the Performance and Essential Material (PEM) segment, as well as the company's leading market positions in downstream building products in the Housing and Infrastructure Products (HIP) segment. These investments have not only bolstered the stability of Westlake's earnings profile but have also solidified its globally advantaged low-cost position, ensuring strong cash generation across diverse business cycles. With a conservatively positioned, strong investment-grade balance sheet, Westlake aims to support a substantially higher dividend level while maintaining the capacity for continued business investments that drive long-term shareholder returns. This move marks Westlake's 76th successive quarterly dividend since its initial public offering in August 2004, emphasizing the company's commitment to rewarding its shareholders.
Westlake Chemical Corporation, founded in 1986 and headquartered in Houston, Texas, is a global manufacturer and marketer of basic chemicals, vinyls, polymers, and building products. The company operates through two segments: Olefins, offering polyethylene, styrene monomers, and ethylene co-products, and Vinyls, providing specialty and commodity polyvinyl chloride (PVC), vinyl chloride monomers, and related products. In addition to manufacturing PVC compounds, Westlake produces a wide range of building products, including residential siding, trim, moulding, pipe, fittings, profiles for windows and doors, decking products, film for inflatables, wall covering tapes, roofing applications, and composite roof tiles. The company serves diverse markets such as flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, and residential and commercial construction. Westlake Chemical Corporation caters to chemical processors, plastics fabricators, construction contractors, municipalities, and supply warehouses worldwide. It operates as a subsidiary of TTWF LP.
Liberty Energy Inc. has exciting news for investors as the company recently declared a dividend of $0.07 per share of Class A common stock, marking a noteworthy 40% increase from the previous quarter. This dividend boost is a direct response to the impressive growth in per share earnings and cash generating capabilities resulting from Liberty's strategic investments in differential technologies and innovative businesses over the last three years.
Chris Wright, the Chief Executive Officer, expressed enthusiasm about the company's evolving competitive advantage and expanded market opportunities, stating, "Our investment in differential technologies and innovative businesses build on our competitive advantage and expand our market opportunities." This substantial increase in the quarterly cash dividend reflects Liberty Energy Inc.'s commitment to rewarding shareholders and acknowledges the positive outcomes of the business transformation initiatives.
It's essential to note that while Liberty Energy Inc. continues to strengthen its financial position, future declarations of quarterly cash dividends remain subject to the Board of Directors' approval. The Board will carefully assess market conditions and capital availability, ensuring that dividend decisions align with the best interests of Liberty and its valued stockholders. This promising development positions Liberty Energy Inc. as a compelling investment choice, with a focus on sustained growth and shareholder value.
Liberty Oilfield Services Inc. provides hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. The company offers its services primarily in the Permian Basin, the Eagle Ford Shale, the Denver-Julesburg Basin, the Williston Basin, and the Powder River Basin. Liberty Oilfield Services Inc. was founded in 2011 and is headquartered in Denver, Colorado.
The Marcus Corporation (MCS) has announced a significant 40% increase in its regular quarterly cash dividend, bumping it up to $0.07 per share of common stock from the previous rate of $0.05. This decision reflects the company's robust financial performance and confidence in its businesses.
According to Gregory S. Marcus, the Chairman and CEO of The Marcus Corporation, the move comes after a temporary pause in dividend payments during the pandemic. The company reinstated the quarterly cash dividend in the third quarter of fiscal 2022 and has now swiftly followed up with a substantial increase only a year later. This not only highlights the resilience of the company but also demonstrates the Board of Directors' commitment to delivering value to shareholders.
Investors can look forward to reaping the benefits of this dividend boost, with the payout scheduled for September 15, 2023. This development underscores The Marcus Corporation's dedication to its shareholders and its confidence in maintaining strong financial performance. Keep an eye on MCS as it continues to navigate the market with a promising outlook for dividends.
The Marcus Corporation, established in 1935 and headquartered in Milwaukee, Wisconsin, is a diversified company that owns and operates movie theaters, hotels, resorts, and entertainment centers primarily in the United States. With a portfolio including brands such as Marcus Theatres, Movie Tavern by Marcus, and BistroPlex, the company boasts 1,110 screens across 91 locations in 17 states. Additionally, it manages 20 hotels, resorts, and properties in eight states, operates the Funset Boulevard family entertainment center in Appleton, Wisconsin, and owns a retail outlet named Ronnie's Plaza. The Marcus Corporation also offers hospitality management services for vacation ownership developments, providing check-in, housekeeping, and maintenance.
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