Rgc Resources Stock Price, News & Analysis

Roanoke Gas Company and the Western Virginia Water Authority have initiated a partnership to produce renewable natural gas (RNG) from biogas at the Roanoke Regional Water Pollution Control Plant. This innovative project, which requires a $16.5 million investment, will feature advanced technology for gas treatment, aiming to generate commercial-quality RNG. The system is designed to process 550,000 cubic feet of biogas daily, potentially heating 500 homes. The groundbreaking ceremony is scheduled for May 17, 2022, highlighting a significant advancement in energy recovery in wastewater treatment.

RGC Resources, Inc. (NASDAQ: RGCO) has announced a rescheduled quarterly conference call on May 11, 2022, at 9:00 a.m. Eastern Time, to discuss its fiscal second-quarter results. This rescheduling was due to technical difficulties with the original call. Interested individuals can join the call by dialing 1-866-705-2554, using the conference ID 917621. Presentation materials will be accessible prior to the call on the company's investor relations webpage. RGC provides energy services in Virginia through its subsidiaries, Roanoke Gas Company and RGC Midstream.

RGC Resources (NASDAQ: RGCO) reported a net loss of $24.5 million, or $2.89 per share, for Q2 2022, primarily due to a $29.6 million impairment charge from an investment in the Mountain Valley Pipeline. Excluding this charge, underlying net income was $5.1 million, or $0.60 per share, reflecting a 6.5% increase year-over-year. The company achieved a 5% increase in operating income, driven by improvements in utility margins, infrastructure investments, and customer growth. The twelve-month net loss was $20.3 million, impacting the prior year's underlying net income of $1.11 per share.

RGC Resources, Inc. (NASDAQ: RGCO) will conduct its quarterly conference call on May 9, 2022, at 9:00 a.m. ET to discuss fiscal Q2 results. Interested parties can access the call toll-free at 1-800-261-3225 using conference ID 7773810. Related materials will be posted on the Company’s Investor & Financial Information page prior to the call. RGC Resources offers energy products and services in Virginia through its subsidiaries Roanoke Gas Company and RGC Midstream, LLC. The company may issue forward-looking statements regarding anticipated financial performance and business prospects.

The Board of Directors of RGC Resources (NASDAQ: RGCO) declared a quarterly dividend of $0.195 per share, marking the 313th consecutive quarterly cash dividend. This dividend will be paid on August 1, 2022 to shareholders of record by July 15, 2022. RGC Resources, operating primarily in Virginia, provides energy and related services through its subsidiaries, including Roanoke Gas Company and RGC Midstream. The company has issued forward-looking statements, highlighting potential risks that may affect actual results compared to expectations.

RGC Resources, Inc. (NASDAQ: RGCO) announced the appointment of Robert Johnston to its Board of Directors as a Class B Director during a meeting on April 7, 2022. Johnston, who has extensive experience in public companies and utilities, currently serves as Chief Strategy Officer at The InterTech Group, Inc. His leadership is expected to benefit the company and its shareholders. RGC Resources provides energy services to approximately 62,600 customers in Virginia through its subsidiaries, including Roanoke Gas Company.

RGC Resources, Inc. (NASDAQ:RGCO) has successfully closed a $4 million common stock investment from T. Rowe Price, following a prior $23 million investment announced on March 28, 2022. This funding highlights T. Rowe Price's ongoing confidence in RGC Resources' business strategy and long-term shareholder value. The investment aligns with the company's goals, especially regarding the MVP project, despite existing risks related to market conditions and regulatory issues. The Company continues to maintain strong relationships with its advisors, including McGuireWoods LLP and Janney Montgomery Scott LLC.

RGC Resources (NASDAQ:RGCO) has successfully completed a $21 million common stock investment from affiliates of The InterTech Group and an additional $2 million from long-time shareholder Ted Gibson. This capital infusion is expected to support the modernization of Roanoke Gas and aid RGC Midstream in fulfilling commitments for the Mountain Valley Pipeline project. InterTech has reiterated its long-term confidence in RGC’s utility operations, marking over a decade of investment in the company. However, the press release also includes forward-looking statements that involve risks and uncertainties.

RGC Midstream, a subsidiary of RGC Resources (NASDAQ: RGCO), announced the potential for a material impairment charge due to recent court decisions affecting the Mountain Valley Pipeline (MVP) project. The U.S. Court of Appeals vacated certain permits necessary for MVP's completion, leading to uncertainty and the withdrawal of the summer 2022 in-service target. As this impairment is evaluated, RGC Resources is also withdrawing its 2022 earnings guidance, which was contingent on the MVP’s projected earnings. The company remains committed to completing the MVP project despite these challenges.