Tuesday, May 28, 2024

Dividend Increase - LyondellBasell Industries N.V. (LYB)


Friday, May 24th the Board of Directors of LyondellBasell Industries N.V. (LYB) announced a quarterly dividend increase of from $1.25 to $1.34 per share that’s payable June 10, 2024 to holders of record June 3, 2024. This represents a 7.20% increase over the last quarter dividend.

"Today's 7 percent dividend increase reflects LyondellBasell's confidence in our ability to navigate dynamic markets, unlock value with our focused new strategy and grow shareholder returns," said LYB CEO Peter Vanacker. "The increased dividend will mark 2024 as our 14th consecutive year of annual dividend growth."

With current price $98.54 (Friday's close), this raise brings their dividend yield to 5.44%.

LyondellBasell is a Dividend Contenders with a 14year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.1, 5.6, 4.3 and 9.5 (Dividend Champions.xls)

Since I own 60 shares of LYB, this will increase my portfolio's projected annual net dividend income by $16.09.

I was expecting an increase of around 5%, so this was a pleasant surprise, which I am happy to accept.

This is the second dividend increase I've received from LyondellBasell Industries N.V. since initiating a position in July 2022. During this period, the quarterly dividend has risen modestly from $1.19 to $1.34, or 12.6%.

This increase raises my YOC to 6.26%.

Summary of 2024 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long LYB

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