Middlesex Water (MSEX) will raise its quarterly dividend by 7.3 percent to $0.24 per share in the fourth quarter of 2018. This year the stock has gained 18.5 percent.

This follows a 5.9 percent dividend hike by the water utility last year. MSEX has now raised its annual dividend for 46 consecutive years.

The increased dividend is payable on December 3, 2018 to shareholders of record as of November 15, 2018. A new annualized equivalent dividend rate of $0.96 per share yields 2.0% at a stock price of $47.17.

“The ability to increase the dividend is due in no small part to the dedicated and committed workforce that effectively manages all facets of our businesses,” said Chairman, President and Chief Executive Officer Dennis W. Doll. “As we continue to invest in drinking water infrastructure through our Water For Tomorrow program, we appreciate the support and confidence of our shareholders.”

Middlesex Water Company is a water utility company. Organized in 1897, Middlesex Water provides regulated and unregulated water and wastewater utility services in New Jersey, Delaware and Pennsylvania through various subsidiary companies. Middlesex Water engages in collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. The company has paid cash dividends in varying amounts continually since 1912.