C Citigroup Inc

   By Chelsey Dulaney 
 

CenterPoint Energy Inc. (CNP) boosted its quarterly dividend by 4.2%, but the utility company said it couldn't reaffirm its long-term dividend growth goal as it faces tumbling energy prices.

The company has been targeting 8% to 10% compound annual dividend growth over the next three years.

CenterPoint raised its quarterly dividend to 24.8 cents a share from 23.8 cents a share. The increase will cost the company an extra $4.3 million a quarter and bring its yield up to 4.3%.

Houston-based CenterPoint's businesses include electric transmission and distribution, natural-gas distrubition and energy services. Energy commodity prices have plummeted in recent months as an oversupply hit the market.

Write to Chelsey Dulaney at chelsey.dulaney@wsj.com

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