Enterprise Products Ups 3Q Dividend By 5.7 Pct

HOUSTON (AP) — Enterprise Products Partners LP on Thursday increased its quarterly cash distribution rate by 5.7 percent.

The pipeline operator raised its quarterly dividend to 55.25 cents per common unit, or $2.21 per unit annually. Previously, the quarterly dividend totaled 52.25 cents.

The payout will be made Nov. 5 to unitholders of record as of the close of business on Oct. 30.

Enterprise added that, should its proposed acquisition of Teppco Partners LP close prior to Oct. 30, holders of Enterprise common units issued in exchange for Teppco units in the buyout also will receive this dividend payment.

Shares of the company rose 8 cents to $29.37 in morning trading.