Sprague Resources (SRLP) will raise its quarterly distribution to $0.5625 per unit. The new distribution will be paid November 14, 2016 to unitholders of record as of the close of business on November 8, 2016.

“I am excited to announce Sprague’s tenth consecutive quarter of consistent distribution growth for unitholders,” said David Glendon, President and Chief Executive Officer.  “We continue to build a strong track record of double-digit annual distribution growth by focusing on operational excellence, the successful pursuit of strategic acquisitions in each business segment, and a healthy balance sheet supporting higher distributions while simultaneously maintaining strong coverage and low leverage.”

Sprague Resources has a new yield of 8.9% at a current stock price of $24.70.

Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials.