Southwest Gas Corp., which services Arizona, Nevada, and California, announced on Thursday that it has approved a 10.6 percent increase to its quarterly dividend, bringing it from $.33 to $.365 per share. On an annualized basis, this means each share will earn $1.46.
In a statement from the company, Southwest Gas Corp President and CEO Jerry Shaw said “We are pleased with the continued improvement and stability of our revenues, cash flows, and capital structure. These factors, combined with the Company’s strong operating performance, have positioned us to again increase the dividend…Over time, the Board intends to increase the dividend such that our payout ratio approaches our local distribution company peer group average while maintaining our strong credit ratings and our ability to effectively fund future rate base growth.”
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