Today’s dividend: Valero Energy Corporation

After a dry day on the dividend front, I’m back to my divi-earning ways thanks to Valero.

Valero Energy Corporation

Valero (VLO) is in the fuel business. It operates as an independent petroleum refining and ethanol producing company in the U.S., Canada, United Kingdom and Ireland. In a lot of ways, it’s just another energy company. Unlike most energy companies, though, it hasn’t been in a complete free fall.

Quite the opposite, actually. Valero is up $22.77 (33.87%) since I picked up what is still my one and only share for $67.23 toward the beginning of last year. It’s known for powering transportation vehicles with its products, but, it’s been doing a pretty good job powering my portfolio as well.

Today’s $0.80 dividend was my fourth from the company, and the first for the current amount. The last three were for $0.70, meaning Valero bumped its quarterly payment by a solid 14%. It’s raised its dividend each of the last seven years, most recently at an average rate of 35.30% over the course of the last three.

That wasn’t a typo … 35.30%. That’s some serious growth, people. The company paid a quarterly dividend of $0.25 a share as recently as 2014. Think about that. I’m sure the growth won’t continue at quite that pace, but I’m happy with the recent 14% bump. That’s more than good enough for me.

The dividend yield is a steady 3.47% and the payout ratio is a low 32%.

This week’s steps

I increased my forward annual income by $2 thanks to the purchase of CVS on Monday. Today’s dividend, meanwhile, was my first of the week. It brought me up to $0.80 for the week, $11.02 for the month and $95.69 for the year.

Last week’s steps

I earned at least one dividend every day last week. Royal Bank of Canada ($0.72) passed a little something my way Monday, Fastenal ($0.37) and Lazard ($1.71) paid me Tuesday and Bank of Montreal ($1.46), Ameriprise Financial ($0.83) and Simon Property Group ($1.95) accounted for Wednesday’s steps. I earned a combined $8.51 in dividend income Thursday and another $1.71 from Boeing on Friday.

March on!

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