RGC Resources, Inc. Raises Annual Dividend to $0.83 per Share
Rhea-AI Summary
RGC Resources (Nasdaq: RGCO) announced a quarterly dividend increase to $0.2075 per share, raising the annual dividend to $0.83 per share, representing a 3.8% increase from the previous level. This marks the company's 21st consecutive year of dividend increases and its 323rd consecutive quarterly cash dividend. The dividend will be paid on February 1, 2025, to shareholders of record on January 17, 2025. CEO Paul Nester highlighted strong operational and financial performance of Roanoke Gas utility and noted the completion of MVP in 2024, which now delivers natural gas to Southwest Virginia.
Positive
- 21st consecutive annual dividend increase demonstrates financial stability
- 3.8% dividend increase to $0.83 annual per share
- Completion of MVP project enhancing gas delivery infrastructure
- Strong operational and financial performance reported
Negative
- None.
News Market Reaction – RGCO
In the trading session that priced this news, RGCO gained 0.75%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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.
| Contact: | Timothy J. Mulvaney VP, Treasurer and CFO |
| Telephone: | 540-777-3997 |
