Suburban Propane Partners Increases Annualized Distribution Rate to $1.40 per Common Unit
Suburban Propane Partners, L.P. (NYSE: SPH) has announced an increase in its quarterly distribution from $0.325 to $0.35 per Common Unit. This adjustment brings the annualized distribution rate to $1.40, representing a 7.7% increase over the previous rate. CEO Michael A. Stivala attributed the hike to a strengthened financial position and completed capital spending on renewable natural gas facilities in Ohio and New York. The company cited an improving leverage profile and positive momentum across its propane and renewable energy segments as key drivers for returning more capital to unitholders.