RGC Resources, Inc. Declares Quarterly Dividend of $0.19 (NASDAQ:RGCO)

RGC Resources, Inc. (NASDAQ:RGCO) announced a quarterly dividend on Wednesday, September 29th, Wall Street Journal reports. Shareholders of record on Friday, October 15th will be given a dividend of 0.185 per share by the energy company on Monday, November 1st. This represents a $0.74 annualized dividend and a yield of 3.32%. The ex-dividend date is Thursday, October 14th.

RGC Resources has increased its dividend by 20.7% over the last three years and has raised its dividend annually for the last 16 consecutive years. RGC Resources has a dividend payout ratio of 65.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect RGC Resources to earn $1.37 per share next year, which means the company should continue to be able to cover its $0.73 annual dividend with an expected future payout ratio of 53.3%.

Shares of RGCO stock opened at $22.26 on Wednesday. The company has a 50 day moving average of $23.72 and a 200-day moving average of $23.47. The company has a quick ratio of 0.44, a current ratio of 0.69 and a debt-to-equity ratio of 1.25. RGC Resources has a 12-month low of $21.32 and a 12-month high of $27.40. The firm has a market cap of $186.02 million, a P/E ratio of 18.71 and a beta of -0.50.

RGC Resources (NASDAQ:RGCO) last issued its quarterly earnings results on Wednesday, August 4th. The energy company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.05. RGC Resources had a net margin of 13.65% and a return on equity of 10.35%. The company had revenue of $14.05 million during the quarter, compared to analyst estimates of $11.00 million. As a group, equities analysts expect that RGC Resources will post 1.12 EPS for the current year.

RGCO has been the subject of several analyst reports. TheStreet downgraded shares of RGC Resources from a “b-” rating to a “c+” rating in a report on Thursday, September 23rd. Zacks Investment Research downgraded shares of RGC Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, September 2nd.

A hedge fund recently raised its stake in RGC Resources stock. Royal Bank of Canada raised its position in RGC Resources, Inc. (NASDAQ:RGCO) by 84.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,795 shares of the energy company’s stock after acquiring an additional 824 shares during the quarter. Royal Bank of Canada’s holdings in RGC Resources were worth $45,000 at the end of the most recent quarter.

About RGC Resources

RGC Resources, Inc operates as a holding company. It engages in the distribution and sale of natural gas to residential, commercial and industrial customers in Virginia through its operating subsidiaries. The company was founded on July 31, 1998 and is headquartered in Roanoke, VA.

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Dividend History for RGC Resources (NASDAQ:RGCO)

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