Marathon Petroleum Corp. said Wednesday that it will raise its quarterly dividend by 12.5% to 36 cents a share from 32 cents a share. The new dividend will be payable Sept. 12 to shareholders of record on Aug. 17. “This increase demonstrates our ongoing commitment to share the success of the business with our owners as we also continue to invest in future growth,” said Chief Executive Gary Heminger. The oil refiner’s stock was down 1.4% in midday trade. At current prices, the new dividend implies an annual dividend yield of 3.78%, compared with the aggregate S&P 500 dividend yield of 2.1%, according to FactSet. Marathon Petroleum’s stock has tumbled 26% year to date, while the S&P 500 has gained 5.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News