5 Important Dividend Increases to Watch in August

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1. Murphy Oil Corporation (NYSE:MUR)

Dividend Yield as of August 15: 2.84%

An American natural gas liquids company, Murphy Oil Corporation (NYSE:MUR) raised its dividend by 43% on August 3 to $0.25 per share. The company has been paying dividends to shareholders for over 60 years. As of August 15, the stock’s dividend yield stood at 2.84%.

In Q2 2022, Murphy Oil Corporation (NYSE:MUR) reported revenue of $1.1 billion, up 100% from the same period last year. The company’s free cash flow for the quarter came in at over $266.5 million, compared with $93.4 million in the previous quarter. Murphy Oil Corporation (NYSE:MUR) aims to utilize 75% of its adjusted free cash flow to reduce long-term debt.

In July, MKM Partners initiated its coverage of Murphy Oil Corporation (NYSE:MUR) with a Buy rating and a $38 price target.

As of the close of Q1 2022, 20 hedge funds tracked by Insider Monkey owned stakes in Murphy Oil Corporation (NYSE:MUR), valued at over $167 million. In the previous quarter, 24 hedge funds owned stakes in the company, worth $136.6 million.

You can also take a look at 10 Best Blue Chip Dividend Stocks to Buy in August and Low-Risk Retirement Portfolio: Top 10 Stocks

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