RGC Resources Inc. (NASDAQ:RGCO) announced a quarterly dividend on Tuesday, November 27th, Wall Street Journal reports. Investors of record on Tuesday, January 15th will be given a dividend of 0.165 per share by the energy company on Friday, February 1st. This represents a $0.66 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Monday, January 14th. This is an increase from RGC Resources’s previous quarterly dividend of $0.16.
RGC Resources has increased its dividend by an average of 5.5% per year over the last three years and has increased its dividend every year for the last 5 years. RGC Resources has a dividend payout ratio of 72.5% meaning its dividend is sufficiently covered by earnings. Analysts expect RGC Resources to earn $1.09 per share next year, which means the company should continue to be able to cover its $0.66 annual dividend with an expected future payout ratio of 60.6%.
RGCO traded down $0.64 during trading on Tuesday, hitting $27.45. The company had a trading volume of 5,350 shares, compared to its average volume of 9,647. The stock has a market capitalization of $223.63 million, a P/E ratio of 28.89 and a beta of -0.14. RGC Resources has a one year low of $22.16 and a one year high of $31.33. The company has a current ratio of 0.54, a quick ratio of 0.29 and a debt-to-equity ratio of 0.72.
RGC Resources (NASDAQ:RGCO) last posted its quarterly earnings data on Thursday, November 15th. The energy company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.02 by $0.07. RGC Resources had a net margin of 11.14% and a return on equity of 9.60%. The business had revenue of $9.97 million for the quarter, compared to analysts’ expectations of $10.40 million. On average, equities research analysts predict that RGC Resources will post 1 EPS for the current fiscal year.
Separately, Zacks Investment Research raised shares of RGC Resources from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Friday, August 10th.
An institutional investor recently raised its position in RGC Resources stock. Bank of New York Mellon Corp increased its position in shares of RGC Resources Inc. (NASDAQ:RGCO) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 55,217 shares of the energy company’s stock after purchasing an additional 2,216 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of RGC Resources worth $1,611,000 as of its most recent filing with the SEC.
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RGC Resources Company Profile
RGC Resources, Inc, through its subsidiaries, operates as an energy services company. The company sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. It also provides various unregulated services. The company operates approximately 1,135 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility located in Botetourt County, as well as owns and operates 8 metering stations.
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