January 14, 2011 / 4:06 PM / in 7 years

Mullen Group shares touch 2-yr high on dividend hike

Jan 14 (Reuters) - Shares of Canadian trucker Mullen Group Ltd MTL.TO rose to over two-year high on Friday, a day after it said it expects to double its annual dividend in 2011, buoyed by higher crude prices and a recovering economy.

Mullen, which also approved a C$50 million ($50.57 million) capital budget, said it would pay out an annual dividend of C$1 per share starting 2011. [ID:nSGE70CBBC]

CIBC World Markets raised its price target on Mullen stock to C$18.50 from C$18, maintaining its sector perform rating, and said the company’s ability to map growth beyond 2011 was a key catalyst.

Mullen’s shares, which have risen nearly 6 percent last month, jumped to their highest since September 2008 to C$19.79, before paring some gains to trade at C$19.44 on the Toronto Stock Exchange. ($1=.9888 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore)

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