HOUSTON - Adams Resources & Energy, Inc. (NYSE AMERICAN: AE), a company involved in various sectors of the energy industry, has declared a quarterly cash dividend of $0.24 per common share for the fourth quarter of 2023. The dividend is scheduled to be paid on March 22, 2024, to shareholders who are on record as of the close of business on March 8, 2024.
Kevin J. Roycraft, the CEO and President of Adams, expressed his contentment with the announcement, highlighting the company's long-standing practice of distributing dividends. "We are pleased to announce yet another regular cash dividend for the advantage of our shareholders. Over 25 years, we have reliably paid dividends, thanks to our steadfast commitment to maintaining the stability of our business and fortifying our corporate financial standing," Roycraft stated.
Adams Resources & Energy, Inc. operates through its subsidiaries in various energy-related fields, including crude oil marketing, transportation, storage, and logistics, as well as the recycling and repurposing of off-specification fuels and other chemicals.
The company's forward-looking statements indicate plans for future operations and strategies, although they caution that actual results could differ due to various risks and uncertainties. Adams emphasizes that while they have a reasonable basis for their expectations, there is no guarantee that these will be realized and that they are not obligated to update any forward-looking statements unless required by law.
This dividend announcement is based on a press release statement provided by Adams Resources & Energy, Inc. and reflects the company's ongoing commitment to returning value to its shareholders.
InvestingPro Insights
As Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) continues its tradition of distributing dividends, a look at the company's financial health through InvestingPro metrics reveals a mixed picture. According to real-time data, the company operates with a Price/Earnings (P/E) Ratio of -7.59, suggesting that investors are not currently expecting earnings to cover the stock price. This is complemented by a Price/Book (P/B) Ratio of 0.64, indicating that the stock may be undervalued based on the company's assets. Additionally, the Gross Profit Margin stands at a lean 1.37%, underscoring the company's weak profitability in terms of its revenue.
Despite a challenging environment, an InvestingPro Tip highlights that Adams Resources & Energy has maintained dividend payments for 30 consecutive years, showcasing a commitment to shareholder returns. This resilience is noteworthy, especially when considering the company's significant debt burden and the pressure it places on financial flexibility. Furthermore, the company's stock has experienced low price volatility, which could provide some stability for investors amidst market fluctuations.
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