RGC Resources Inc. (NASDAQ:RGCO) Shareholders to Get $0.22 Quarterly Dividend

RGC Resources Inc. (NASDAQ:RGCO) declared a quarterly dividend on Monday, September 28th. Investors of record on Friday, October 16th will be given a dividend of $0.2175 per share by the energy company on Monday, November 2nd. This represents a $0.87 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, October 16th.

RGC Resources has increased its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 22 consecutive years. RGC Resources has a dividend payout ratio of 67.4% indicating that its dividend is sufficiently covered by earnings.

RGC Resources Stock Up 1.5%

Shares of NASDAQ RGCO opened at $21.60 on Tuesday. The stock has a 50 day moving average price of $21.74 and a 200 day moving average price of $22.54. RGC Resources has a 52-week low of $20.55 and a 52-week high of $27.99. The firm has a market capitalization of $225.07 million, a price-to-earnings ratio of 16.12 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.67 and a current ratio of 0.94.

RGC Resources (NASDAQ:RGCO) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). RGC Resources had a net margin of 13.05% and a return on equity of 11.73%. The firm had revenue of $17.11 million for the quarter, compared to analysts’ expectations of $18.19 million.

Insider Buying and Selling

In other RGC Resources news, Director John Williamson, III purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was purchased at an average price of $20.94 per share, for a total transaction of $52,350.00. Following the purchase, the director directly owned 182,431 shares in the company, valued at approximately $3,820,105.14. This trade represents a 1.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have acquired 8,334 shares of company stock valued at $175,772. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RGC Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hennessy Advisors Inc. boosted its stake in shares of RGC Resources by 6.2% during the second quarter. Hennessy Advisors Inc. now owns 13,754 shares of the energy company’s stock worth $329,000 after buying an additional 800 shares during the period. Ancora Advisors LLC purchased a new stake in RGC Resources during the 2nd quarter valued at approximately $3,272,000. BlackRock Inc. acquired a new stake in RGC Resources during the 2nd quarter worth approximately $10,213,000. Deutsche Bank AG acquired a new stake in RGC Resources during the 2nd quarter worth approximately $199,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of RGC Resources in the second quarter valued at approximately $1,717,000. 35.77% of the stock is owned by hedge funds and other institutional investors.

RGC Resources Company Profile

RGC Resources, Inc is a holding company whose principal subsidiary, Roanoke Gas Company, provides regulated natural gas distribution services in southwestern Virginia. The company delivers natural gas to residential, commercial and industrial customers through a local distribution network.

Roanoke Gas serves communities in and around the Roanoke Valley, including the cities of Roanoke, Salem and Vinton, as well as portions of surrounding counties. Its activities include operating and maintaining natural gas pipelines, providing customer connections and delivering gas for heating, water heating, cooking and other commercial and industrial uses.

RGC Resources traces its operating history to Roanoke Gas Company, which was established in the early twentieth century.