RGC Resources, Inc. Raises Annual Dividend to $0.79 Per Share

Rhea-AI Summary

The Board of Directors of RGC Resources (NASDAQ: RGCO) has declared a quarterly dividend of $0.1975 per share, with an annualized dividend amount of $0.79 reflecting a 1.3% increase. This marks the 19th consecutive year of annual dividend increases. The payout is scheduled for February 1, 2023, to shareholders of record on January 18, 2023. CEO Paul Nester emphasized the company’s commitment to long-term shareholder value through solid operational and financial performance.

Positive

• Quarterly dividend increased to $0.1975, indicating a 1.3% rise.
• Annual dividend raised to $0.79, marking 19 consecutive years of increases.
• Scheduled payment date of February 1, 2023, demonstrates ongoing shareholder commitment.

Negative

• None.

ROANOKE, Va., Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (NASDAQ: RGCO), at its meeting on November 28, 2022, declared a quarterly dividend of $0.1975 per share on the Company’s common stock. The indicated annual dividend is $0.79 per share, a $0.01 or 1.3% per share increase over the prior annual level. The Company has now increased the annual dividend 19 consecutive years. Paul Nester, CEO of RGC Resources, Inc., stated, “We continue to be pleased with the solid operational and financial performance of the Roanoke Gas utility and this dividend increase reflects our commitment to deliver long-term shareholder value.” The dividend will be paid on February 1, 2023 to shareholders of record on January 18, 2023. This is the Company’s 315th consecutive quarterly cash dividend.

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, 2022 and Item 1-A in the Company’s fiscal 2021 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:	Jason A. Field
	Vice President and CFO
Telephone:	540-777-3997

FAQ

What is the dividend amount declared by RGC Resources on November 28, 2022?

RGC Resources declared a quarterly dividend of $0.1975 per share.

When will the dividend be paid to shareholders of RGC Resources?

The dividend will be paid on February 1, 2023.

What is the annual dividend amount for RGC Resources after the recent increase?

The annual dividend amount is now $0.79 per share.

How many consecutive years has RGC Resources increased its annual dividend?

RGC Resources has increased its annual dividend for 19 consecutive years.