WES - Western Midstream Just Raised Its Distribution by 52%. Where Is the Dividend Heading for This 9.4%-Yielding Stock?
2024-05-19 05:40:00 ET
Income-oriented investors tend to like midstream master limited partnerships (MLPs) for their high yields and increasing distributions. However, it isn't often that an MLP raises its distribution by 50% or more.
That's just what Western Midstream (NYSE: WES) did last month when it took its quarterly distribution from $0.575 per unit to $0.875. That's a 52% increase. It is also important to point out that this is its base distribution and not a special or variable dividend. The stock now yields an attractive 9.4% using its closing price on May 13.
Let's take a look at the pipeline operator's first-quarter results and where its distribution could be headed in the future.
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Western Midstream Just Raised Its Distribution by 52%. Where Is the Dividend Heading for This 9.4%-Yielding Stock?