March 1, 2010 (FinancialWire) — The board of directors of Piedmont Natural Gas (NYSE: PNY) has approved an increase in the company’s dividend. The board has declared a quarterly dividend on the firm’s common stock of 28 cents per share, a 3.7 percent increase over the company’s previous quarterly dividend of 27 cents per share.

The increased dividend is payable April 15, 2010, to shareholders of record at the close of business on March 25, 2010.

North Carolina-based Piedmont Natural Gas is primarily engaged in the distribution of natural gas to more than one million residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee, including 61,000 customers served by municipalities who are wholesale customers. The firm’s subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation.

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