RGC Resources, Inc. (NASDAQ:RGCO) Declares Quarterly Dividend of $0.20

RGC Resources, Inc. (NASDAQ:RGCOGet Rating) announced a quarterly dividend on Monday, May 2nd, Wall Street Journal reports. Shareholders of record on Friday, July 15th will be given a dividend of 0.195 per share by the energy company on Monday, August 1st. This represents a $0.78 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, July 14th.

RGC Resources has raised its dividend by an average of 6.0% annually over the last three years and has raised its dividend annually for the last 18 consecutive years. RGC Resources has a dividend payout ratio of 62.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect RGC Resources to earn $1.25 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 62.4%.

NASDAQ RGCO opened at $20.98 on Tuesday. The business’s 50-day moving average price is $21.49 and its two-hundred day moving average price is $21.99. RGC Resources has a 12 month low of $20.25 and a 12 month high of $26.02. The firm has a market capitalization of $176.65 million, a PE ratio of 19.43 and a beta of -0.28. The company has a current ratio of 0.72, a quick ratio of 0.54 and a debt-to-equity ratio of 1.22.

RGC Resources (NASDAQ:RGCOGet Rating) last released its quarterly earnings results on Monday, February 7th. The energy company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.11). RGC Resources had a net margin of 11.36% and a return on equity of 9.00%. The company had revenue of $23.26 million during the quarter, compared to the consensus estimate of $21.00 million. During the same quarter last year, the firm posted $0.58 EPS. As a group, analysts forecast that RGC Resources will post 1.19 earnings per share for the current fiscal year.

A number of research analysts have recently issued reports on RGCO shares. TheStreet raised RGC Resources from a “c+” rating to a “b-” rating in a research note on Wednesday, January 19th. Zacks Investment Research downgraded RGC Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 31st. Finally, StockNews.com started coverage on RGC Resources in a research note on Wednesday, April 27th. They issued a “sell” rating on the stock.

A number of hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in RGC Resources by 84.9% during the 2nd quarter. Royal Bank of Canada now owns 1,795 shares of the energy company’s stock worth $45,000 after buying an additional 824 shares during the period. Belpointe Asset Management LLC raised its stake in RGC Resources by 19.3% during the 4th quarter. Belpointe Asset Management LLC now owns 7,713 shares of the energy company’s stock worth $177,000 after buying an additional 1,246 shares during the period. Northern Trust Corp raised its stake in RGC Resources by 10.4% during the 4th quarter. Northern Trust Corp now owns 17,751 shares of the energy company’s stock worth $409,000 after buying an additional 1,666 shares during the period. Morgan Stanley raised its stake in RGC Resources by 5.6% during the 3rd quarter. Morgan Stanley now owns 32,122 shares of the energy company’s stock worth $722,000 after buying an additional 1,693 shares during the period. Finally, BlackRock Inc. raised its stake in RGC Resources by 3.6% during the 4th quarter. BlackRock Inc. now owns 48,721 shares of the energy company’s stock worth $1,121,000 after buying an additional 1,698 shares during the period.

About RGC Resources (Get Rating)

RGC Resources, Inc, through its subsidiaries, operates as an energy services company. It sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. The company also provides various unregulated services. It operates approximately 1,157 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 6 metering stations.

Further Reading

Dividend History for RGC Resources (NASDAQ:RGCO)

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