Xcel Energy (XEL) will raise its quarterly dividend to $0.36 per share. The increased dividend is payable April 20, 2017, to shareholders of record on March 15, 2017.

"Today, we increased our divided 5.9%, which demonstrates the confidence we have in our business plan and our financial flexibility. We are committed to generating value for our investors, which reflects our objective of increasing dividend 5-7% and growing earnings 4-6% annually," said Ben Fowke, chairman, president, and CEO in the company's press release announcing this dividend hike.

Xcel Energy Inc. is a U.S. electric and natural gas delivery company, with operations in Western and Midwestern states, including Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. The company provides energy-related products and services to electricity customers and gas customers through its regulated operating companies. The company's four operating companies are: NSP-Minnesota, NSP-Wisconsin, PSCo (Public Service Company of Colorado) and SPS (Southwestern Public Service Co).