KeySpan Hikes Its Dividend Amid Rising Profits

Feb.22.07 | About: KeySpan Corp. (KSE)

Utility KeySpan Corp. reported fourth-quarter earnings rose 9% despite a revenue decrease of 24%.kse The company attributed the improved results to lower operating costs at its gas business and lower tax expenses. By the numbers, profit rose to $126.5 million, good for EPS of $0.71, versus profit of $114.8 million (EPS of $0.65) in the year earlier period. Revenue slid to $1.92 billion from $2.54 billion due to what the company termed "very unusual" weather. In other KeySpan news, the Company increased its quarterly common stock dividend to $0.475 per share making the new annual dividend rate $1.90 per share; the new yield is approximately 4.6%. It marks the third straight year the company has raised its dividend.

• Sources: Press Release, MarketWatch, Reuters
• Commentary: Highest Yielding Gas Utilities StocksGas Utilities Stocks: 3Q06 Earnings Results
• Stocks and ETFs to watch: KeySpan Corp. (KSE). Competitors: Peoples Energy (PGL), Delta Natural Gas (NASDAQ:DGAS), RGC Resources (NASDAQ:RGCO), Energy West (OTCQB:EWST). ETFs: WisdomTree MidCap Dividend Fund (NYSEARCA:DON)

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