In a market often dominated by high-growth narratives, two mid-cap companies, Northwest Natural Holding (NYSE: NWN) and The Marzetti Company (NASDAQ: MZTI), stand out as ‘Dividend Kings’ that have consistently increased their dividends for 50 or more consecutive years. These entities, while perhaps not capturing mainstream headlines, offer a blend of financial stability, above-average dividend yields, and strategic growth initiatives that make them attractive for income-focused investors, according to recent analysis.
Northwest Natural Holding: Expanding Beyond Its Core
Northwest Natural Holding, an Oregon-based energy company, has demonstrated a proactive strategy to diversify its revenue streams and mitigate the impact of a historically strict regulatory environment in the Northwest. Its primary division, NWN Gas Utility, serves approximately 810,000 natural gas customers across Oregon and Washington.
The company’s expansion efforts include a significant acquisition last year, spending $427 million to purchase SiEnergy Natural Gas, which added over 90,000 customers in key Texas markets including Dallas, Houston, and Austin. Furthermore, since 2017, Northwest Natural has strategically entered the water and wastewater systems sector. Its NW Natural Water division now serves 80,000 customers across a multi-state footprint that includes Washington, Oregon, California, Idaho, Texas, and Arizona.
This consistent performance is underscored by an impressive dividend track record, with the company having raised its dividend for 70 consecutive years. Despite this long history of shareholder returns, it often receives less attention than larger, multi-state utilities like Dominion Energy or Constellation Energy, even those with shorter dividend increase streaks.
Recent financial indicators for Northwest Natural Holding highlight its robust position. Shares of the company recently reached a 52-week high of $53.66 on March 30, reflecting growing investor interest. Despite a 13% price increase this year, the stock maintains a relatively high dividend yield of 3.69%, supported by predictable cash flows. The company secured a three-year rate plan settlement in Washington on March 23, allowing for staggered revenue increases, including an anticipated $20.1 million this year. This follows a rate increase implemented in Oregon in late 2025.
Financially, Northwest Natural reported earnings per share (EPS) of $2.77 in 2025, marking a substantial 36.4% increase. This growth was significantly bolstered by an 11.1% rise in connections, largely attributed to the SiEnergy acquisition. Looking ahead, the company projects 2026 EPS to range from $2.95 to $3.15, representing an increase of 10.1% at the midpoint.
Marzetti Company: Debt-Free Growth in Specialty Foods
The Marzetti Company, formerly known as Lancaster Colony, operates in the specialty food sector, offering a diverse portfolio of products including salad dressings, sauces, dips, specialty breads, and pastas sold in grocery stores. The company has also established a strong presence through exclusive license agreements for well-known brands such as Olive Garden dressings, Chick-fil-A sauces and dressings, Buffalo Wild Wings sauces, Arby’s sauces, Subway sauces, and Texas Roadhouse steak sauces and frozen rolls.
A notable financial advantage for Marzetti is its debt-free status, a significant asset in the current high-interest-rate environment. This strong balance sheet provides flexibility and resilience. The company boasts an impressive dividend history, having boosted its dividend for 63 consecutive years, including a 5% raise in 2025. Its dividend currently yields approximately 2.9%.
While Marzetti’s shares have experienced a decline of around 14% year-to-date, its operational performance remains solid. Through the second quarter of fiscal 2026, the company reported $1.01 billion in revenue, a 3.6% increase year-over-year. Earnings per share (EPS) for the same period reached $3.86, up 13.5% compared to the prior year. Marzetti has also been active in expanding its brand portfolio, recently investing $400 million to acquire Bachan’s, a Japanese Barbecue Sauce brand.
Resilience and Value in Mid-Cap Dividends
Both Northwest Natural Holding and The Marzetti Company exemplify the characteristics of quality companies with solid balance sheets, a crucial factor for resilience during challenging economic periods. Their extensive records of consistent dividend increases underscore how strategic growth, often through bolt-on acquisitions, has translated into sustained shareholder value.
These mid-cap stocks are currently trading at what analysts consider attractive valuations, while simultaneously demonstrating ongoing revenue and EPS growth. For investors prioritizing dependable income streams and long-term stability, these two under-the-radar Dividend Kings present a compelling case for consideration.
