By Hess Midstream announced that its board and general partner have approved an increase in the quarterly cash distribution for its Class A shares. Each Class A share will now receive $0.6011, representing a 2.7% increase compared to the same period last year.
Payment Details
The increased quarterly distribution will be payable on August 14th to Class A shareholders. Eligible shareholders are those who hold the shares at the close of business on August 3rd.
Enhancing Shareholder Returns
Jonathan Stein, the Chief Financial Officer of Hess Midstream, expressed his satisfaction with the announcement. He highlighted how the company continues to prioritize the return of capital to its shareholders. This increase in the quarterly distribution by 1.5% per Class A share further demonstrates their commitment.
Steady Growth Projection
Stein also shared the company’s long-term targets for distribution growth. The aim is to achieve a minimum annual distribution growth of 5% per Class A share through 2025. This new higher distribution level is expected to contribute to the realization of this goal.
Previous Increase
In April, Hess Midstream raised its quarterly distribution to $0.5851 per Class A share.
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