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ROANOKE, Va.—Miles Christen Brooke, Vice President of Human Resources at RGC Resources Inc . (NASDAQ:RGCO), recently made a purchase of the company’s stock, according to a filing with the Securities and Exchange Commission. On April 1, Brooke acquired 4.76 shares of RGC Resources common stock at a price of $21.01 per share, totaling approximately $100. The purchase comes as the stock trades at $20.92, offering a notable dividend yield of 3.86%, according to InvestingPro data.
This transaction was part of the RGC Resources, Inc. Dividend Reinvestment and Stock Purchase Plan, which allows for optional cash contributions to purchase additional shares. Following this acquisition, Brooke’s direct holdings in the company increased to 6,640.329 shares. InvestingPro data reveals the company has maintained dividend payments for 32 consecutive years and raised them for 11 straight years, demonstrating strong dividend reliability.
RGC Resources Inc., based in Roanoke, Virginia, operates in the natural gas transmission and distribution sector. With a market capitalization of $215 million and an overall FAIR financial health rating from InvestingPro, analysts have set a target price of $27 for the stock. Get access to 12+ additional InvestingPro Tips and a comprehensive Pro Research Report for deeper insights into RGCO’s financial performance and outlook.
In other recent news, RGC Resources Inc. reported its financial results for the first quarter of fiscal year 2024, exceeding Wall Street expectations with earnings per share (EPS) of $0.51, slightly above the forecast of $0.50. Revenue for the quarter was $27.29 million, surpassing the anticipated $26 million. This positive performance was attributed to increased Roanoke Gas margins resulting from rate hikes implemented in July. However, the company faced challenges with decreased equity earnings from unconsolidated affiliates and rising interest expenses due to higher credit line balances and interest rates. Analysts noted that RGC Resources has provided an EPS forecast for fiscal year 2025 ranging between $1.18 and $1.25. The company plans to refinance a $25 million non-revolving line of credit by the end of 2025 and expects to renew the Roanoke Gas line of credit. Ongoing expansion efforts into Franklin County and other service connections are also part of their future plans. CEO Paul Nestor emphasized the company’s operational resilience, noting no customer outages during recent cold weather events.
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