Argan, Inc. (AGX) To Go Ex-Dividend on July 23rd

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Wednesday, June 10th. Shareholders of record on Thursday, July 23rd will be paid a dividend of 0.50 per share by the construction company on Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Thursday, July 23rd.

Argan has decreased its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 2 years. Argan has a dividend payout ratio of 27.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Argan to earn $16.66 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 12.0%.

Argan Stock Up 5.8%

Shares of Argan stock opened at $623.10 on Friday. The firm has a market cap of $8.74 billion, a PE ratio of 54.75 and a beta of 0.58. Argan has a 12-month low of $193.82 and a 12-month high of $779.00. The company’s fifty day simple moving average is $644.50 and its two-hundred day simple moving average is $476.45.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.93. The business had revenue of $290.95 million for the quarter, compared to analyst estimates of $256.03 million. Argan had a net margin of 15.48% and a return on equity of 36.89%. The company’s revenue was up 50.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.60 EPS. As a group, sell-side analysts expect that Argan will post 12.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AGX. The Goldman Sachs Group boosted their price target on shares of Argan from $399.00 to $518.00 and gave the company a “buy” rating in a research report on Friday, March 27th. Lake Street Capital boosted their price target on shares of Argan from $375.00 to $600.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Zacks Research cut shares of Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price target on the stock in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $470.40.

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.