2 Under-the-Radar Dividend Kings to Buy in Bunches
Key Points
Northwest Natural Holding has found more diverse revenue streams for growth.
Shares of the Oregon-based energy company recently hit a 52-week high.
Specialty food maker Marzetti is debt-free and is an attractive buy on the dip.
- 10 stocks we like better than Northwest Natural ›
Northwest Natural Holding (NYSE: NWN) and The Marzetti Company (NASDAQ: MZTI) are two of the best under-the-radar Dividend Kings, companies that have increased their dividends for 50 or more consecutive years.
These dependable mid-cap dividend stocks are great buys for income-oriented investors because of their strong financials, above-average dividend yields, and stability. Let's learn more about them.
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Acquisitions fuel growth for Northwest Natural
Northwest Natural has been on a buying spree to grow beyond the relatively strict regulatory climate of the Northwest. Its main division, NWN Gas Utility, provides natural gas to 810,000 customers in Oregon and Washington. Last year, the company spent $427 million to buy SiEnergy Natural Gas, which serves more than 90,000 customers in Dallas, Houston, and Austin.
Since 2017, the energy company has been buying water and wastewater systems, and now NW Natural Water serves 80,000 customers in Washington, Oregon, California, Idaho, Texas, and Arizona.
Northwest Natural has raised its dividend for 70 consecutive years, but larger multi-state utilities such as Dominion Energy or Constellation Energy get more attention as dividend stocks, even with shorter histories of dividend increases.
Its shares are up, but the yield is still high
Some investors are paying attention to the natural gas company based in Portland, Oregon, as shown by its stock hitting a 52-week high of $53.66 on March 30. Despite a 13% price increase this year, the stock has a relatively high dividend yield of 3.69%. That dividend is backed by a predictable cash flow.
On March 23, Northwest Natural reached a settlement for a three-year rate plan in Washington that allows for staggered revenue increases, including $20.1 million this year. The company already got a rate increase in late 2025 in Oregon.
In 2025, the company reported earnings per share (EPS) of $2.77, up 36.4%, and an 11.1% rise in connections, thanks mostly to its purchase of SiEnergy. It is predicting 2026 EPS of $2.95 to $3.15, an increase of 10.1% at the midpoint.
Marzetti: No debt, good margins
Marzetti has seen its shares decline by around 14% so far this year. It is a specialty food company whose products, including salad dressings, sauces, dips, specialty breads, and pastas, are sold in grocery stores.
Until this year, the company had been known as Lancaster Colony. The consumer goods company also has exclusive license agreements for 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.
The company has no debt, which gives it an edge in the current high-interest-rate environment. Its dividend yields around 2.9%, and the company has boosted its dividend for 63 consecutive years, including a 5% raise in 2025.
Through the second quarter of fiscal 2026, Marzetti reported $1.01 billion in revenue, up 3.6% year over year, and EPS of $3.86, up 13.5% compared to the same period last year. The company has been aggressive in expanding its brands, and it recently spent $400 million to acquire Bachan's, the Japanese Barbecue Sauce brand.
Proven the test of time
In tough economic times, the stocks that bounce back the fastest are quality companies with solid balance sheets, such as Northwest Natural and Marzetti. Their long record of dividend increases shows how their growth through bolt-on acquisitions has consistently paid off. Both mid-cap stocks are trading at attractive valuations, and they are seeing revenue and EPS growth, making them worth scooping up.
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James Halley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.
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