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MarketScreener Homepage  >  Equities  >  Nasdaq  >  RGC Resources, Inc.    RGCO

RGC RESOURCES, INC.

(RGCO)
  Report
Delayed Quote. Delayed Nasdaq - 10/26 04:00:00 pm
23.83 USD   +0.46%
09/28RGC RESOURCES : Declares Quarterly Dividend
AQ
09/28RGC Resources, Inc. Declares Quarterly Dividend
GL
09/23Mountain Valley seeks U.S. OK to restart work on WV-VA natgas pipe
RE
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RGC Resources : Equitrans on track to finish Mountain Valley natgas pipe in early 2021

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09/08/2020 | 04:00pm EDT

Sept 8 (Reuters) - U.S. pipeline company Equitrans Midstream Corp said on Tuesday it remains on track to complete the $5.4-$5.7 billion Mountain Valley natural gas pipeline from West Virginia to Virginia early next year.

That comment follows a decision by the U.S. Fish and Wildlife Service (FWS) to issue a new Biological Opinion on Sept. 4, which the project needs to resume construction.

Mountain Valley is one of several U.S. oil and gas pipelines delayed by regulatory and legal fights with environmental and local groups that found problems with federal permits issued by the Trump administration.

In February 2018 when Equitrans started construction of the 303-mile (488-km) pipeline designed to deliver 2 billion cubic feet per day of gas from the Marcellus and Utica shale, it estimated Mountain Valley would cost about $3.5 billion and be completed by the end of 2018.

"We look forward to resolving the few remaining permitting issues, resuming forward construction," Equitrans said.

Equitrans has said it expects to receive new approvals soon from the U.S. Federal Energy Regulatory Commission (FERC) and the U.S. Army Corps of Engineers that will enable it to finish building the last 8% of the project.

Analysts at Height Capital Markets said they expect FERC will lift its stop-work order in "coming days" and the Army Corps will reauthorize the project's Nationwide Permit 12 to allow stream crossing "shortly thereafter."

"We expect environmentalists and other opponents will challenge each of these permit decisions ... within 1-2 weeks of issuance," Height Capital Markets said, noting "FERC and FWS have had nearly a year to review the permit, so it should be relatively insulated from legal challenges."

Other projects similarly held up include TC Energy Corp's $8 billion Keystone XL and Energy Transfer LP's Dakota Access crude pipelines, which are still involved in court battles.

(Reporting By Scott DiSavino Editing by Marguerita Choy)


Stocks mentioned in the article
ChangeLast1st jan.
ALTAGAS LTD. -1.86% 16.9 Delayed Quote.-12.94%
RGC RESOURCES, INC. 0.46% 23.83 Delayed Quote.-17.00%
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All news about RGC RESOURCES, INC.
09/28RGC RESOURCES : Declares Quarterly Dividend
AQ
09/28RGC Resources, Inc. Declares Quarterly Dividend
GL
09/23Mountain Valley seeks U.S. OK to restart work on WV-VA natgas pipe
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09/08RGC RESOURCES : Equitrans on track to finish Mountain Valley natgas pipe in earl..
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08/12MVP Southgate natgas pipe startup seen in 2021 despite N.Carolina permit deni..
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08/07RGC RESOURCES INC : Regulation FD Disclosure, Financial Statements and Exhibits ..
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08/05RGC RESOURCES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ..
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08/04RGC RESOURCES INC : Results of Operations and Financial Condition, Financial Sta..
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Financials (USD)
Sales 2020 64,0 M - -
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 194 M 194 M -
Capi. / Sales 2020 3,03x
Capi. / Sales 2021 2,90x
Nbr of Employees 107
Free-Float 93,2%
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Technical analysis trends RGC RESOURCES, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Buy
Mean consensus BUY
Number of Analysts 1
Average target price 34,00 $
Last Close Price 23,83 $
Spread / Highest target 42,7%
Spread / Average Target 42,7%
Spread / Lowest Target 42,7%
Managers
NameTitle
Paul W. Nester President, Chief Executive Officer & Director
John B. Williamson Chairman
Carl James Shockley Chief Operating Officer & Vice President
Randall P. Burton CFO, Secretary, Treasurer & Vice President
Robert L. Wells Chief Information Officer & Vice President
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