Rgc Resources Stock Price, News & Analysis

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.

RGC Resources, Inc. (NASDAQ: RGCO) reported consolidated earnings of $3,584,529 ($0.43 per diluted share) for Q4 2021, down from $4,723,263 ($0.58 per diluted share) in Q4 2020. For the fiscal year 2021, earnings were $8,963,328 ($1.08 per diluted share), compared to $11,280,861 ($1.38 per diluted share) in 2020. The decline is largely attributed to a $1.3 million decrease in non-cash equity earnings, although Roanoke Gas experienced a 12% growth in operating income due to improved margins and customer growth.

RGC Resources, Inc. (NASDAQ: RGCO) will hold its fiscal first-quarter conference call on February 8, 2022, at 9:00 a.m. ET. Interested parties can access the call by dialing 1-800-261-3225 with the conference ID 7773810. Presentation materials will be available on the company's website prior to the call. RGC Resources provides energy services in Virginia through its subsidiaries Roanoke Gas Company and RGC Midstream. The company may issue forward-looking statements regarding financial performance and business prospects, with a reminder that actual results may differ from those anticipated.

The Board of Directors of RGC Resources (NASDAQ: RGCO) declared a quarterly dividend of $0.195 per share on January 24, 2022. This dividend, marking the company’s 312th consecutive quarterly cash dividend, will be paid on May 1, 2022, to shareholders of record as of April 15, 2022. RGC Resources provides energy and related services in Virginia through subsidiaries like Roanoke Gas Company and RGC Midstream.

RGC Resources (NASDAQ: RGCO) held its annual shareholders meeting on January 24, 2022, where shareholders elected Abney S. Boxley, III, Elizabeth A. McClanahan, and John B. Williamson, III to three-year terms on the Board of Directors. Additionally, Brown, Edwards & Company, L.L.P. was ratified as auditors for the fiscal year 2022. Post-meeting, John B. Williamson, III was elected Chairman, and Paul W. Nester was appointed President and CEO. RGC Resources serves around 62,600 customers in Virginia through its subsidiaries, including Roanoke Gas Company.