RGC Resources, Inc. Raises Quarterly Dividend From $0.1975 To $0.20 Per Share
Portfolio Pulse from Benzinga Newsdesk
RGC Resources, Inc. (NASDAQ:RGCO) announced an increase in its quarterly dividend from $0.1975 to $0.20 per share, marking the 20th consecutive year of dividend growth. The new annual dividend rate is $0.80 per share, up 1.3% from the previous rate. CEO Paul Nester highlighted the solid operational and financial performance of Roanoke Gas utility and the anticipated completion of the MVP in 2024. The dividend is payable on February 1, 2024, to shareholders of record as of January 17, 2024.
November 28, 2023 | 8:50 pm
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RGC Resources, Inc. has raised its quarterly dividend to $0.20 per share, indicating a commitment to shareholder value and confidence in its financial stability.
Dividend increases are typically viewed positively by the market as they signal a company's financial health and commitment to returning value to shareholders. Given that this marks the 20th consecutive year of dividend growth for RGCO, it reinforces investor confidence in the company's stable earnings and future prospects, especially with the mention of the MVP completion in 2024. This news is likely to have a positive short-term impact on RGCO's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100