Rgc Resources Stock Price, News & Analysis

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.

RGC Resources, Inc. (NASDAQ: RGCO) has appointed Jason Field as Vice President, Chief Financial Officer, and Treasurer, effective January 10, 2022. Mr. Field brings extensive financial leadership experience, previously serving as Vice President of Finance at Medical Facilities of America. He will be instrumental in guiding the finance organization under CEO Paul Nester. RGC Resources provides services to around 62,600 customers in Virginia through subsidiaries like Roanoke Gas Company.

The Board of Directors of RGC Resources, Inc. (NASDAQ: RGCO) declared a quarterly dividend of $0.195 per share on November 29, 2021, marking a 5.4% increase from the previous annual dividend of $0.74. This increase reflects the company's strong financial performance and commitment to shareholder returns, having raised dividends for 18 consecutive years. The total indicated annual dividend now stands at $0.78 per share, with payments scheduled for February 1, 2022, to shareholders of record by January 18, 2022.

RGC Resources, Inc. (NASDAQ: RGCO) will conduct its fiscal fourth quarter and full year 2021 conference call on December 3, 2021, at 9:00 a.m. ET. Investors can access the call by dialing 1-800-261-3225 with a conference ID of 7773810. The company, which serves Virginia through Roanoke Gas Company and RGC Midstream, LLC, will provide presentation materials on its website prior to the call. The press release notes the potential for forward-looking statements and cautions that actual results may differ from expectations.