The board of directors of ONE Gas, Inc. increased the dividend for the first quarter 2023 by 3 cents per share to 65 cents per share, resulting in an annualized dividend of $2.60 per share.
The dividend is payable March 10, 2023, to shareholders of record at the close of business Feb. 24, 2023.
The company expects an average annual dividend increase of 4% to 6% through 2027, with a target dividend payout ratio of 55% to 65% of net income, subject to its board of directors’ approval.
The company also narrowed its 2022 financial guidance to earnings of $4.06 to $4.10 per diluted share from the previous range of $4.00 to $4.16 per diluted share. Net income is now expected to be in the range of $221 million to $223 million. Capital investments are expected to be approximately $655 million.