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

RGC Resources, Inc. (NASDAQ:RGCO) declared a quarterly dividend on Monday, February 5th, Wall Street Journal reports. Investors of record on Tuesday, April 16th will be given a dividend of 0.20 per share by the energy company on Wednesday, May 1st. This represents a $0.80 annualized dividend and a dividend yield of 4.01%. The ex-dividend date is Monday, April 15th.

RGC Resources has raised its dividend by an average of 4.1% annually over the last three years and has increased its dividend annually for the last 20 consecutive years. RGC Resources has a dividend payout ratio of 63.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect RGC Resources to earn $1.27 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 63.0%.

RGC Resources Price Performance

NASDAQ:RGCO opened at $19.94 on Friday. RGC Resources has a 1-year low of $15.36 and a 1-year high of $23.80. The company has a current ratio of 0.54, a quick ratio of 0.36 and a debt-to-equity ratio of 0.99. The firm has a fifty day simple moving average of $19.63 and a 200 day simple moving average of $18.77. The stock has a market capitalization of $202.59 million, a PE ratio of 15.22 and a beta of 0.22.

RGC Resources (NASDAQ:RGCO) last released its earnings results on Monday, February 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.11. RGC Resources had a net margin of 14.75% and a return on equity of 12.89%. The business had revenue of $24.42 million during the quarter, compared to analysts’ expectations of $31.00 million. On average, research analysts expect that RGC Resources will post 1.16 EPS for the current fiscal year.

Insider Buying and Selling at RGC Resources

In other RGC Resources news, Director Robert B. Johnston purchased 1,715 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was acquired at an average price of $18.78 per share, with a total value of $32,207.70. Following the acquisition, the director now directly owns 63,005 shares of the company’s stock, valued at approximately $1,183,233.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders acquired 2,315 shares of company stock valued at $43,302 in the last quarter. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RGC Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC lifted its holdings in shares of RGC Resources by 66.6% during the second quarter. Barclays PLC now owns 1,808 shares of the energy company’s stock worth $37,000 after buying an additional 723 shares in the last quarter. California State Teachers Retirement System bought a new position in shares of RGC Resources in the second quarter worth $53,000. BNP Paribas Arbitrage SNC increased its position in shares of RGC Resources by 3,127.8% in the second quarter. BNP Paribas Arbitrage SNC now owns 2,905 shares of the energy company’s stock worth $58,000 after purchasing an additional 2,815 shares during the period. MetLife Investment Management LLC bought a new position in shares of RGC Resources in the second quarter worth $84,000. Finally, JPMorgan Chase & Co. bought a new position in shares of RGC Resources in the first quarter worth $138,000. Institutional investors and hedge funds own 35.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RGCO. StockNews.com raised RGC Resources from a “sell” rating to a “hold” rating in a report on Thursday, December 28th. TheStreet raised RGC Resources from a “c” rating to a “b-” rating in a report on Tuesday, February 6th.

RGC Resources Company Profile

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 1,179 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates six metering stations.