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Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Gilead Sciences, Virtus Investment Partners and Hess Midstream have rewarded their shareholders for more than a decade and recently announced dividend hikes. These companies offer high dividend yields of around 4-7%.
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Gilead Sciences
Gilead Sciences, Inc. (NASDAQ:GILD) develops and markets therapies to treat life-threatening infectious diseases, with the core of its portfolio focused on HIV and hepatitis B and C.
Gilead Sciences raised its dividends every year for the last 8 years. As stated in its most recently announced dividend hike announcement on Feb. 6, 2024, the company increased its quarterly dividend by 2.7% to $0.77, or $3.08 annualized, with a yield of 4%.
As of June 30, the company's annual revenue stood at $27.8 billion. In the company's most recent earnings, released on August 8, it said it generated revenues of $6.95 billion and EPS of $2.01 in Q2 2024, which were both above consensus estimates.
"Gilead has had another strong quarter with 6% year-over-year growth in our base business. This was driven by sales of our therapies for HIV, Oncology and Liver Disease, including 8% growth for Biktarvy," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "One of the key highlights of the quarter was interim data from the Phase 3 PURPOSE 1 trial showing 100% efficacy for lenacapavir in HIV prevention for cisgender women. We look forward to additional clinical readouts in the coming months, and to potentially launching seladelpar for primary biliary cholangitis in the United States."
Check out this article by Benzinga, to see how much your $100 investment in Gilead Sciences stock 20 years ago would be worth today.
Virtus Investment Partners
Virtus Investment Partners, Inc. (NYSE:VRTS) provides investment management and related services to individuals and institutions. Its retail products include open-end mutual funds, closed-end funds, exchange-traded funds and variable insurance funds. Geographically, the activities are carried out through the U.S., and the group generates revenue through investment management fees, distribution and service fees and administration and shareholder service fees.
Virtus Investment Partners has consistently raised its dividends every year since 2018. According to the company's most recent dividend announcement on August 15, its Board of Directors raised the quarterly common stock cash dividend by 18% to $2.25 per share, equating to $9 annually.
“We are pleased to raise our dividend for the seventh consecutive year, reflecting the strength and stability of our financial position and confidence in our free cash flow generation," said George R. Aylward, president and chief executive officer. "Our strong balance sheet provides flexibility to continue our balanced approach to capital management."
Current yield on the dividend stands at 4.29%.
The company's annual revenue (as of June 30) is $876.6 million. As shown in the company's most recent earnings announcement on July 26, it generated revenues of $224.38 million and EPS of $6.53 in Q2 2024. While the EPS missed the consensus estimate, revenues came in better than expected.
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Hess Midstream LP (NYSE:HESM) owns, operates, develops, and acquires a diverse set of midstream assets and provides fee-based services to Hess and third-party customers. It conducts its business through three operating segments: gathering, processing and storage, and terminating and exporting.
Hess Midstream has consistently increased dividends for the last 7 years. Most recently, on July 29, Hess announced a raise in its quarterly dividend from $0.6516 to $0.6677, or $2.67 annually. The dividend yield currently stands at 7.22%.
The company's annual revenue (as of June 30) is $1.4 billion. According to the company's most recent earnings announcement on July 31, it generated Q2 revenues of $365.50 million, slightly better than the consensus of $365.16 million, and EPS of $0.59, missing the consensus estimate of $0.63.
"We delivered strong operational and financial results in the second quarter, driven by Hess Corporation's Bakken performance, our continued focus on gas capture and solid project execution," said John Gatling, President and Chief Operating Officer of Hess Midstream. "We are increasing our 2024 gas throughput guidance and reiterating our expectation for substantial volume growth across our oil and gas systems through 2026, which is expected to result in sustained excess free cash flow generation and continued return of capital to our shareholders."
Check out this article by Benzinga, which highlights two more energy stocks with robust dividend growth.
To summarize, Gilead Sciences, Virtus Investment Partners and Hess Midstream are solid options for investors seeking reliable passive income. Their offered yields of around 4-7% and long history of consistent dividend hikes make them particularly attractive to income-focused investors.
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