My last blog on February 9th stated the high probability of Freehold increasing their dividend.
Tonight the company just announced a strong 4th quarter earnings report and announced a 25% increase in their dividend.
The 4th quarter saw revenues and funds from operations up 18% and 19% respectively year over year. In addition average daily production rose 6% over the same period.
This represented the 12th consecutive quarterly production increase.
After the dividend increase, the adjusted payout ratio will be at 65%, at the lower end of the 60-80% range.
In addition, the company also announced an accretive acquisition in February of this year of $34 million of royalties and title lands in Saskatchewan.