MDU Resources Group (MDU) will increase its quarterly dividend by 2.4 percent to 21.25 cents per share in 2020. This follows a 2.5 percent hike to $0.2075 per share announced in 2019. This also is the 30th consecutive year of dividend increases by the gas utility.

The next quarterly dividend is payable January 1, 2021, to stockholders of record December 10, 2020. A new annual rate of 85 cents yields 3.5% at a stock price of $24. The utility company will now pay an estimated $170 million in dividends to shareholders annually.

In a press release announced this latest dividend hike the company comments on the new increase: "We remain committed to our long tradition of paying dividends to our shareholders as part of the total value they receive from their investment in MDU Resources, and we are very proud of achieving 30 consecutive years of dividend increases," said Dennis W. Johnson, chair of the board.

MDU Resources Group is a gas utility providing products and services through its regulated energy delivery and construction materials and services businesses. The Company's businesses segments are electric, natural gas distribution, pipeline and midstream, construction materials and contracting, and construction services. The construction services segment provides utility construction services in constructing and maintaining electric and communication lines, and external lighting and traffic signalization.