8 Companies Boosting Dividends Last Week

Corporate earnings flooded in last week, and there were some high-profile beats from big name firms Apple (NASDAQ: AAPL ) and General Electric (NYSE: GE ). There were also some big-name misses this week, including Bank of America (NYSE: BAC ) and Goldman Sachs (NYSE: GS ). But amid the backdrop of those mixed earnings reports there was a banquet of tasty dividend increases for income-oriented investors.  Leading the charge among the high-profile dividend boosts was oil-field services giant Schlumberger (NYSE: SLB ). The company blew away Wall Street estimates, posting fourth-quarter earnings of 85 cents a share on sales of $9.07 billion. To celebrate the outstanding quarterly performance, Schlumberger raised its dividend to 25 cents a share, a 19% increase over the current quarterly payout. The ex-dividend date for the company's first payout under the new rate is Feb. 14. The dividend increase was Schlumberger's first in three years, and it's a very positive harbinger of things to come for investors banking on income from the oil patch. According to a Schlumberger news release, "For oil, 2010 turned out to be the year of the second-largest demand increase in the last 30 years." The company added, "The consensus forecast for demand in 2011 shows a further healthy increase." If this prognosis proves prescient, then look for more dividend increases from the oil sector as the year unfolds. In addition to Schlumberger, another company in the oil-related sector, equipment supplier Robbins & Myers (NYSE: RBN ), lifted its dividend payout last week. The firm just reported a surge in its fiscal first-quarter net income, attributing the gains to a nice recovery in the energy markets, especially in drilling for shale projects. Like Schlumberger, Robbins & Myers easily bested Street expectations, posting a profit of 44 cents a share vs. the consensus forecast of 33 cents a share. That earnings beat, along with an upbeat forecast for its full fiscal year, prompted the company's board to approve an increase in the quarterly cash dividend to 4.5 cents from 4.25 cents. The dividend is payable on Feb. 18 to shareholders of record as of Jan. 21. Another prominent energy company that raised its dividend last week was Oneok (NYSE: OKE ). The natural gas processor increased its full-year 2010 earnings estimates, as well as its 2011 forecast last week, citing higher fee-based earnings from increased natural gas liquids volumes. That upbeat forecast prompted ONEOK's board to approve a quarterly dividend increase of 8% to 52 cents a share from 48 cents a share. The new dividend rate is payable Feb. 14 to shareholders of record at the close of business Jan. 31. This company has increased its dividend 11 times since 2006, and once again it's proving its mettle as a dividend winner. The energy space wasn't the only sector with some big dividend increases. Water filtration company Pall Corp. (NYSE: PLL ) said Thursday its board approved a quarterly cash dividend increase to 17.5 cents a share from 16 cents a share. It was the firm's seventh-consecutive year of with a dividend increase. The new dividend rate is payable Feb. 23 to shareholders of record as of Feb. 8. Sensient Technologies (NYSE: SXT ), a supplier of colors, flavors and fragrances to the food, beverage, cosmetic, ink-jet and pharmaceutical industries, also raised its dividend this past week — by a penny to 21 cents a share. The new cash dividend will be paid March 1 to shareholders of record Feb. 9. Sensient Chairman and CEO Kenneth Manning said the increase reflects confidence in the strength of the company's business going forward. Sensient reports its earnings in early February, so the new dividend boost could bode well for those upcoming results. The publishing world also had a good week for dividend increases, with two prominent companies announcing they were upping the reward to shareholders. Newspaper publisher Washington Post (NYSE: WPO ) raised its annual dividend to $9.40 from $9. The new quarterly dividend rate of $2.35 a share will be payable on Feb. 11 to shareholders of record Jan. 31. News of the Washington Post's dividend increase was overshadowed by the headline that billionaire investor Warren Buffett will retire from its board of directors when his current term ends in May. The other publishing giant boosting its payout last week was McGraw-Hill (NYSE: MHP ). The book publisher and owner of ratings agency Standard & Poor's, will raise its quarterly cash dividend by 6% to 25 cents a share from 23.5 cents a share. In a statement accompanying the dividend increase, Harold McGraw III, chairman, president and CEO, said, "Increasing the dividend underscores the strength of our financial position and confidence in our long-term growth prospects."  The new dividend will be paid on March 10 to shareholders of record on Feb. 24. Rounding out last week's dividend increases is cruise operator Carnival (NYSE: CCL ). The company's dividend ship really sailed this time, as Carnival more than doubled its quarterly payout to 25 cents a share from 10 cents a share.  The new dividend will be paid on March 11 to shareholders of record on Feb. 18. News of the boosted dividend is very good news for shareholders of the largest cruise company in the world, as it follows last year's reinstated dividend. At the time of publication, Jim Woods held no positions in any of the stocks mentioned in this article.
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