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National Fuel Gas bumps up dividend by 2.3%

National Fuel Gas Co. said Thursday that it was increasing its quarterly dividend by 2.3%, to 44.5 cents a share from 43.5 cents a share. The operator of oil and natural gas assets said the new dividend will be payable July 15 to shareholders of record on June 30. The stock fell 4.8% in afternoon trading, while the SPDR Energy Select Sector ETF shed 7.9% and the S&P 500 dropped 5.2%. Based on current stock prices, the National Fuel Gas’s new annual dividend rate implies a dividend yield of 4.35%, compared with the yield for the energy ETF of 5.81% and the implied yield for the S&P 500 of 1.90%, according to FactSet. National Fuel Gas said it has raised its annual dividend for 50 consecutive years, and paid dividends for 118 straight years.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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