Argan, Inc. (NYSE:AGX) Declares $0.50 Quarterly Dividend

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Wednesday, April 8th. Shareholders of record on Wednesday, April 22nd will be paid a dividend of 0.50 per share by the construction company on Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, April 22nd.

Argan has decreased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Argan has a dividend payout ratio of 27.4% meaning its dividend is sufficiently covered by earnings.

Argan Stock Performance

Shares of NYSE:AGX opened at $589.20 on Thursday. The business’s fifty day moving average price is $450.33 and its two-hundred day moving average price is $365.89. The stock has a market cap of $8.22 billion, a PE ratio of 60.49 and a beta of 0.46. Argan has a one year low of $126.07 and a one year high of $615.00.

Argan (NYSE:AGX) last announced its earnings results on Thursday, March 26th. The construction company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $1.48. The firm had revenue of $262.05 million for the quarter, compared to analysts’ expectations of $255.32 million. Argan had a return on equity of 33.62% and a net margin of 14.59%.Argan’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.22 EPS.

Wall Street Analyst Weigh In

AGX has been the topic of several analyst reports. Zacks Research upgraded Argan from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 31st. Freedom Capital upgraded Argan to a “hold” rating in a report on Tuesday, March 10th. Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. Weiss Ratings restated a “buy (b)” rating on shares of Argan in a report on Monday. Finally, The Goldman Sachs Group raised their price objective on Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $425.40.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.