ONEOK, Inc. (OKE) said that its Board of Directors increased the quarterly dividend to 44 cents per share of common stock from 42 cents per share, effective for the fourth quarter 2009, payable Feb. 12, 2010, to shareholders of record at the close of business Jan. 29, 2010.
"This dividend increase is consistent with our practice of maintaining a long-term dividend target payout of 60 to 70% of recurring earnings, as well as an expected increase in distributions from ONEOK Partners as a result of the recent completion of more than $2 billion of capital investments in that segment," said John Gibson, ONEOK president and chief executive officer.
The company added that since January 2006, it has increased the dividend eight times, representing a 57% increase during that period.
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