8 Companies Increasing Dividends

It was another week of volatile trade in the market, as news that European leaders were close to a deal on propping up the region�s ailing financial system sent stocks higher to kick things off. The market faltered midweek, as mixed earnings from Alcoa (NYSE:AA) started off the reporting season on a shaky note which sent the market lower. On Friday, stocks jumped out of the gate on better-than-expected retail sales numbers and stellar earnings from tech bellwether Google (NASDAQ:GOOG). Amidst the week�s action we saw a bevy of big-cap stocks bumping up their payouts to shareholders. Here are eight companies increasing dividends this week.

Albemarle

Specialty chemical maker Albemarle (NYSE:ALB) mixes up a variety of high-tech substances, and this week it went into the lab to concoct a slick new dividend. The company raised its payout by a penny per share to 17.5 cents, an approximate 6% increase over the prior dividend. The new dividend is payable Jan. 1 to shareholders of record as of Dec. 15. The new dividend yield, based on the Oct. 13 closing price (the day the company announced the increased payout) of $47.50, is 1.47%. Albemarle also said its board approved an increase of its existing stock buyback program to 5 million shares.

The company said it bought back 3 million shares under the program during the third quarter, reducing its total number of outstanding shares to about 88.8 million as of Sept. 30.

Calumet Specialty Products Partners, L.P.

Specialty hydrocarbon products manufacturer Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) is well-known for making crude oil into fuel products for diesel and jet engines. This week the company put a little fuel in its payout to shareholders, upping its quarterly cash distribution to 50 cents per unit. The distribution will be paid on Nov. 14 to holders of record as of Nov. 4. The new dividend yield, based on the Oct. 11 closing price of $17.71, is a very high-octane 11.29%.

Enterprise Products Partners L.P.

Natural gas and midstream energy pipeline services firm Enterprise Products Partners L.P. (NYSE:EPD) turned up the gas on its quarterly distribution by 5% to 61.25 cents per unit. The new distribution will be delivered on Nov. 9 to unitholders of record as of Oct. 31. The new dividend yield, based on the Oct. 13 closing price of $42.55, is 5.76%. The limited partnership has raised its distribution for 29 consecutive quarters.

Fastenal

Construction supply, hardware and electric products wholesaler and retailer Fastenal (NASDAQ:FAST) provided the materials for a newly built dividend, upping its quarterly payout by a penny per share to 14 cents. The new dividend yield, based on the Oct. 12 closing price of $34.62, is 1.62%. In addition to the dividend boost, the company announced its third-quarter profit jumped 29% on a steep increase in sales. Fastenal earned $96.8 million, or 33 cents per share, up from $75 million, or 25 cents per share, in the same quarter last year. Sales rose 20% to $726.7 million from $603.8 million.

Genesis Energy, L.P.

Midstream energy master limited partnership Genesis Energy, L.P. (NYSE:GEL) boosted its quarterly distribution by 10.3% to 42.75 cents per common unit. The new distribution will be paid on Nov. 14 to unitholders of record as of Nov. 3. The new yield, based on the Oct. 12 closing price of $24.66, is 6.93%. The move represents the 25th consecutive quarter in which Genesis has increased its quarterly payout.

Paychex

Payroll, human resource and benefits outsourcing firm Paychex (NASDAQ:PAYX) caters to small- and medium-sized businesses, and though business in general hasn�t been the most robust of late, you wouldn�t know it to look at Paychex. The company upped its quarterly payout by a penny per share to 32 cents. The new dividend is payable Nov. 15 to shareholders of record as of Nov. 1. The new dividend yield, based on the Oct. 11 closing price of $27.85, is 4.6%.

Plains All American Pipeline, L.P.

Crude oil transportation and storage MLP Plains All American Pipeline, L.P. (NYSE:PAA) poured out a new cash distribution of 99.5 cents per unit, an increase of 4.7% over the prior year�s payout. The new distribution will be made on Nov. 14 to unitholders of record as of Nov. 4. The new yield, based on the Oct. 11 closing price of $61.03, is 6.52%. PAA has increased its quarterly distribution in 28 out of the past 30 quarters.

Western Gas Partners, LP

Another midstream energy partnership pumping out increased payouts is Western Gas Partners, LP (NYSE:WES). The company raised its cash distribution by 14% to 42 cents per unit. The new distribution is payable Nov. 10 to unitholders of record as of Oct. 31. The new yield, based on the Oct. 12 closing price of $34.71, is 4.84%. Western Gas plans to report its third-quarter 2011 results after the market close on Tuesday, Nov. 1.

As of this writing, Jim Woods did not own a position in any of the aforementioned stocks. Check out other companies increasing dividends in past weeks here.