They say “If you can make it in New York, you can make it anywhere.”
That certainly has been true for investors in multi-utility Consolidated Edison (ED). The firm provides regulated electric, natural gas and steam delivery services to customers in New York City and Westchester County. That position as the Big Apple’s primary utility has provided its investors with some juicy cash flows over the years.
ConEd has paid a dividend every year since 1885.
What’s equally impressive as 128 years’ worth of paying dividends is ED’s commitment to raising those payouts. The utility’s latest increase of 1.7% — due to increased capex spending from the effects of Hurricane Sandy — marks the 39th consecutive year of higher payouts. ConEd also has the distinction of being the only utility in the S&P 500 to raise its dividend for 25 or more consecutive years.
With strong cash flows from its regulated businesses as well as a relatively low payout ratio, investors in ED should be treated to rising dividends for another century.
As of this writing, Aaron Levitt did not hold a position in any of the aforementioned securities.