RGC Resources Inc. (NASDAQ:RGCO) declared a dividend on Monday, September 30th, Fidelity reports. Shareholders of record on Tuesday, October 15th will be given a dividend of 0.165 per share by the energy company on Friday, November 1st. The ex-dividend date of this dividend is Friday, October 11th. This is a boost from RGC Resources’s previous dividend of $0.16.
RGC Resources has increased its dividend payment by an average of 6.5% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. RGC Resources has a dividend payout ratio of 72.5% meaning its dividend is sufficiently covered by earnings. Analysts expect RGC Resources to earn $1.11 per share next year, which means the company should continue to be able to cover its $0.66 annual dividend with an expected future payout ratio of 59.5%.
NASDAQ RGCO traded up $0.09 during trading on Wednesday, reaching $29.00. 483 shares of the company’s stock traded hands, compared to its average volume of 7,253. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.56 and a quick ratio of 0.34. The firm has a market cap of $236.47 million, a price-to-earnings ratio of 30.53 and a beta of -0.18. The company’s 50 day simple moving average is $28.58 and its two-hundred day simple moving average is $27.83. RGC Resources has a 12-month low of $25.42 and a 12-month high of $31.00.
Separately, Zacks Investment Research cut shares of RGC Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th.
About RGC Resources
RGC Resources, Inc, through its subsidiaries, operates as an energy services company. The company sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. It also provides various unregulated services. The company operates approximately 1,141 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 8 metering stations.
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