The Xcel Energy Inc. (NYSE:XEL) board of directors today raised the quarterly dividend on the company’s common stock from 28 cents per share to 30 cents per share, which is equivalent to an annual rate of $1.20 per share. The Board declared the first quarter common stock dividend payable April 20, 2014, to shareholders of record on March 20, 2014. The Board plans to review dividend policy annually at the February board meeting and does not anticipate further increases to the quarterly dividend in 2014.
“We understand the importance of the dividend to our shareholders and, today, we are pleased to report that we’ve increased our dividend by 7 percent to ensure we provide an attractive dividend yield, reflecting the confidence we have in our business plan,” said Ben Fowke, chairman, president, and CEO.
“Our long-term objective is to grow the dividend 4-6 percent annually, however, the Board of Directors will periodically review our dividend policy to ensure it provides a competitive and attractive dividend yield,” said Fowke.
Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.This information is not given in connection with any sale or offer for sale or offer to buy any securities. Except for the historical statements contained in this release, the matters discussed herein, are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including our 2014 earnings per share guidance and assumptions, are intended to be identified in this document by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries (collectively, Xcel Energy) to obtain financing on favorable terms; business conditions in the energy industry, including the risk of a slow down in the U.S. economy or delay in growth recovery; trade, fiscal, taxation and environmental policies in areas where Xcel Energy has a financial interest; customer business conditions; actions of credit rating agencies; competitive factors, including the extent and timing of the entry of additional competition in the markets served by Xcel Energy Inc. and its subsidiaries; unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an impact on asset operation or ownership or impose environmental compliance conditions; structures that affect the speed and degree to which competition enters the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements, investigations and claims; actions by regulatory bodies impacting our nuclear operations, including those affecting costs, operations or the approval of requests pending before the Nuclear Regulatory Commission; financial or regulatory accounting policies imposed by regulatory bodies; availability or cost of capital; employee work force factors; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors in Item 1A and Exhibit 99.01 of Xcel Energy Inc.’s Annual Report on Form 10-K for the year ended 12/31/2012 and Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and Sept. 30, 2013.
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