Gold prices bounce off 3-week lows; demand likely longer term
Oliver Lawrence T., Vice President and Secretary of RGC Resources Inc . (NASDAQ:RGCO), a utility company with a market capitalization of $215 million, recently acquired shares in the company. According to a Form 4 filing with the Securities and Exchange Commission, Lawrence purchased 9.519 shares of common stock at a price of $21.01 per share, totaling approximately $199. This transaction was executed on April 1, 2025, and was made through the RGC Resources, Inc. Dividend Reinvestment and Stock Purchase Plan. Following this acquisition, Lawrence’s direct ownership in RGC Resources stands at 23,306.797 shares. The company, which currently offers a 3.86% dividend yield, has maintained dividend payments for 32 consecutive years and raised them for the past 11 years, according to InvestingPro data. With analysts setting a $27 price target, investors seeking detailed insights can access comprehensive analysis through InvestingPro’s Research Reports, available for over 1,400 US stocks.
In other recent news, RGC Resources Inc. reported its first-quarter financial results for fiscal year 2024, surpassing Wall Street expectations. The company achieved earnings per share (EPS) of $0.51, slightly above the forecast of $0.50, and revenue reached $27.29 million, exceeding the anticipated $26 million. This positive performance reflects a solid start to the fiscal year, with net income increasing to $5.3 million from $5.0 million in the same quarter last year. RGC Resources benefited from higher rates implemented in July, which boosted Roanoke Gas margins, although equity earnings from unconsolidated affiliates declined. Interest expenses also rose due to increased credit line balances and interest rates. Analyst firms have not provided any recent upgrades or downgrades for the company. RGC Resources plans to refinance a $25 million non-revolving line of credit by the end of 2025 and anticipates renewing the Roanoke Gas line of credit. The company continues to focus on expansion efforts, including ongoing projects in Franklin County.
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