Thursday, November 2nd the Board of Directors of ConocoPhillips (COP) announced a quarterly dividend increase of from $0.51 to $0.58 per share that’s payable December 1, 2023 to holders of record November 14, 2023. This represents a 13.73% increase over the last quarterly dividend.
With current price $118.47 (yesterday's close), this raise brings their dividend yield to 1.96%.
ConocoPhillips is a Dividend Challengers with a 7 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 8.0, 12.3, 12.3 and -3.3 (Dividend Champions.xls)
Since I own 30 shares of COP, this will increase my portfolio's projected annual net dividend income by $6.26.
I was expecting an increase of around 6%, so this was a pleasant surprise. Although it may be that with this rather large increase, the VROC (Variable Return of Cash) paid recently will be less or will disappear completely.
I added COP to my portfolio in November 2014 and despite the dividend cut I have kept it. After the 2016 dividend cut, this was the eighth dividend increase I received. During this period, the dividend has increased from 0.25 to 0.58, or 132%.
This increase raises my YOC to 3.51%.
Summary of 2023 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long COP
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