On Monday, Husky Energy (OTCPK:HUSKF) continued to build on their strong history of dividend growth by raising its quarterly dividend by 21% from $0.33/share to $0.40/share. This announcement came on the back of a 36% increase in profit for the quarter. As I explained in my 'a Husky dividend' post back in October of 2007, Husky has been a spectacular investment over the past several years. Husky has actually returned 457% (not including dividends) over the last five years, compared with 123% for the TSX composite index.
Husky Energy is proving itself to be the Canadian dividend growth investor's energy stock. I just wish I had bought it in 2006 when I began to wade into individual Canadian stocks. During the past few years, there have been there have been instances when the oil price was moderate, and the outlook was bleak for energy prices. These instances turned out to be buying opportunities as oil has since not looked back as it now approaches $120/barrel.