TransMontaigne Partners Raises Dividend By A Penny To $0.68

TransMontaigne Partners L.P. TLP hiked its dividend by a penny to $0.68 a share for the period between January 1 and March 31, 2016. The company claimed that the increase represented the second straight quarter of distribution.

The company disclosed the distribution would be payable on May 9 to unitholders of record on April 29. The unit will go into ex-dividend a few days before the record date.

TransMontaigne Partners' CEO, Fred Boutin, said "The distribution increases in each of our last two quarters are reflective of the strength of our business, a balance sheet that is positioned for future growth and a supportive general partner. ArcLight Capital Partners recently acquired approximately 20% of our common units from the previous owner of our general partner. This acquisition reflects their commitment to the long-term growth of our business."

Shares traded higher by 1.96 percent on Monday.