Xcel Energy (XEL) will raise its quarterly dividend by 6.2 percent to $0.43 per share in the first quarter of 2020. This follows last year's 6.6 percent dividend hike by the utility company.

The next dividend is payable April 20, 2020, to shareholders of record on March 13, 2020. A new annualized dividend rate of $1.72 per share yields 2.4% at a stock price of $70.80.

“Today’s dividend increase of 6.2% marks the seventeenth consecutive year that Xcel Energy has increased its dividend. It reflects the successful execution of our business plan and recognition of the importance of dividend growth to our shareholders,” said Ben Fowke, chairman, president, and CEO of Xcel Energy in the company's press release announcing today's 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).