Enterprise Products Partners set July 31 as the record date for its newly increased quarterly dividend. The company raised the distribution by 1.8% to $0.56 per unit. This payout represents a 2.8% increase year-over-year.
The dividend hike follows a strong second-quarter earnings report released on July 30. EPD reported earnings of $0.84 per unit. This result beat the consensus estimate of $0.75 per unit.
The company generated record adjusted cash flow from operations of $2.5 billion. Analysts cited the firm's financial strength and growth prospects in positive post-earnings commentary.