RGC Resources, Inc. announced a quarterly dividend increase, marking 21 consecutive years of annual increases.
Quiver AI Summary
RGC Resources, Inc. has announced a quarterly dividend of $0.2075 per share, marking a 3.8% increase from the previous year, which brings the annual dividend to $0.83 per share. This increase, the 21st consecutive annual rise, reflects the company's strong operational and financial performance, particularly highlighted by the completion of the MVP project in 2024 that enhances natural gas delivery to Southwest Virginia. The dividend payment is scheduled for February 1, 2025, to shareholders on record as of January 17, 2025. RGC Resources, which operates through subsidiaries including Roanoke Gas Company, continues to prioritize long-term shareholder value. The press release also mentions potential risks and uncertainties that could affect future performance, encouraging stakeholders to review the company's regulatory filings for more information.
Potential Positives
- RGC Resources, Inc. has declared a quarterly dividend of $0.2075 per share, reflecting a commitment to return value to shareholders.
- The increase in the annual dividend to $0.83 per share represents a significant 3.8% increase over the previous year, indicating strong financial performance.
- This marks the 21st consecutive year of annual dividend increases, showcasing the company's consistent commitment to shareholder returns.
- The completion of the MVP project in 2024 enhances operational capabilities by providing affordable, reliable natural gas to Southwest Virginia.
Potential Negatives
- The press release emphasizes the risks and uncertainties associated with forward-looking statements, indicating that actual results may significantly differ from the company's expectations regarding key factors like customer growth, infrastructure investment, and margins.
- The mention of various potential challenges, such as gas prices, supply, geopolitical concerns, and regulatory issues, could raise concerns about the company's future stability and profitability.
- While the company celebrates a long history of increasing dividends, the cautionary language regarding future performance may cast doubt on whether this trend can continue under potential adverse conditions.
FAQ
What is the quarterly dividend declared by RGC Resources, Inc.?
The Board declared a quarterly dividend of $0.2075 per share on November 22, 2024.
How much is the annual dividend increase for RGC Resources?
The annual dividend increased by $0.03, or 3.8%, bringing the total to $0.83 per share.
When will the dividend be paid to shareholders?
The dividend will be paid on February 1, 2025, to shareholders of record on January 17, 2025.
How long has RGC Resources increased its annual dividend?
The company has increased its annual dividend for 21 consecutive years.
Who is the CEO of RGC Resources, Inc.?
The CEO of RGC Resources, Inc. is Paul Nester.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RGCO Insider Trading Activity
$RGCO insiders have traded $RGCO stock on the open market 13 times in the past 6 months. Of those trades, 13 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $RGCO stock by insiders over the last 6 months:
- CHRISTEN BROOKE MILES (VP, Human Resources) has traded it 6 times. They made 6 purchases, buying 29 shares and 0 sales.
- LAWRENCE T. OLIVER (VP and Secretary) has traded it 6 times. They made 6 purchases, buying 58 shares and 0 sales.
- PAUL W NESTER (President & CEO) purchased 900 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$RGCO Hedge Fund Activity
We have seen 36 institutional investors add shares of $RGCO stock to their portfolio, and 19 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RUSSELL INVESTMENTS GROUP, LTD. added 37,896 shares (+24.7%) to their portfolio in Q3 2024
- CUTTER & CO BROKERAGE, INC. added 21,489 shares (+18.5%) to their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 16,881 shares (+inf%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 14,730 shares (+3.5%) to their portfolio in Q3 2024
- INVESCO LTD. removed 14,718 shares (-100.0%) from their portfolio in Q3 2024
- MORGAN STANLEY added 11,835 shares (+33.2%) to their portfolio in Q3 2024
- GAMCO INVESTORS, INC. ET AL added 11,200 shares (+2.9%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ROANOKE, Va., Nov. 22, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (Nasdaq: RGCO), at its meeting on November 22, 2024, declared a quarterly dividend of $0.2075 per share on the Company’s common stock. The indicated annual dividend is $0.83 per share, a $0.03, or 3.8%, per share increase over the prior annual level. The Company has now increased the annual dividend 21 consecutive years. Paul Nester, CEO of RGC Resources, Inc., stated, “The Roanoke Gas utility continues to deliver solid operational and financial performance. Further, we are pleased that the MVP was completed in 2024 and now delivering affordable, reliable natural gas to Southwest Virginia. This dividend increase, our 21 st annual increase, reflects our commitment to deliver long-term shareholder value.” The dividend will be paid on February 1, 2025 to shareholders of record on January 17, 2025. This is the Company’s 323 rd consecutive quarterly cash dividend.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries including Roanoke Gas Company and RGC Midstream, L.L.C.
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from any expectations expressed in the Company’s forward-looking statements, regarding customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations and regulatory and legal challenges and those set forth in the Company’s Form 10-Q for the quarter ended June 30, 2024 and Item 1-A in the Company’s fiscal 2023 10-K. Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.
Past performance is not necessarily a predictor of future results.
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Contact:
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Timothy J. Mulvaney
VP, Treasurer and CFO |
| Telephone: | 540-777-3997 |
