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Miles Christen Brooke, Vice President of Human Resources at RGC Resources Inc . (NASDAQ:RGCO), recently acquired shares in the company. According to a recent SEC filing, Brooke purchased 5.094 shares of common stock at a price of $19.63 per share, totaling approximately $99. The stock, currently trading at $19.95, has attracted attention from analysts who set a price target of $27. InvestingPro analysis shows the company maintains a FAIR financial health score. This transaction was part of the RGC Resources Dividend Reinvestment and Stock Purchase Plan. Following the acquisition, Brooke now holds 6,635.569 shares directly. The company, with a market capitalization of $205 million, offers a 4.2% dividend yield and has maintained dividend payments for 32 consecutive years. Get the complete financial picture with the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, RGC Resources Inc. reported its financial results for the first quarter of fiscal year 2024, exceeding Wall Street expectations. The company announced earnings per share of $0.51, surpassing the forecast of $0.50, while revenue reached $27.29 million, outpacing the anticipated $26 million. This positive performance reflects a solid start to the fiscal year, with net income increasing to $5.3 million from $5 million in the same quarter last year. RGC Resources benefited from higher rates implemented in July, which boosted Roanoke Gas margins. However, the company faced challenges with decreased equity earnings from unconsolidated affiliates and increased interest expenses due to higher credit line balances and interest rates. Looking forward, RGC Resources has provided an EPS forecast for fiscal year 2025 ranging between $1.18 and $1.25. The company also plans to refinance a $25 million non-revolving line of credit by the end of 2025. Analysts’ insights from the earnings call indicate that the company is well-positioned for continued growth and expansion in the Roanoke region.
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