Middlesex Water hikes dividend for 50th consecutive year in 2022
Water utility Middlesex Water Company (trading symbol MSEX) on October 21, 2022 announced a 7.8% dividend hike, marking the 50th consecutive year of dividend growth. The dividend yield is 1.6% at a stock price of $80.23 for MSEX.
MSEX announced that its Board of Directors has declared a cash dividend of $0.3125 per share on its common stock, an increase of 7.6% from the $0.29 per share dividend declared in July of 2022. This increase raises the annual dividend rate to $1.25 from $1.16 per share of common stock.
The next MSEX dividend is payable December 1, 2022 to shareholders of record as of November 16, 2022. Middlesex Water Company has paid cash dividends in varying amounts continually since 1912.
“Since 1912, Middlesex Water has demonstrated a consistent record of dividend growth. We are pleased, as we mark our 125th year, to attain a new milestone -- our 50th consecutive year of dividend increases. Our teams remain committed to continually enhancing the quality of our operations, to growing and developing our talented workforce and to further driving shareholder value,” said President and Chief Executive Officer Dennis W. Doll.
Another well known water utility with a strong dividend track record is current US record holder American States Water, with 67 consecutive years of annual dividend growth.
Organized in 1897, Middlesex Water (trading symbol: MSEX) provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies. MSEX owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. It also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. The Company operates through two segments: Regulated and Non-Regulated.