Argan (NYSE: AGX) share price went up 22% in a month. What’s happening lately?

2 min read | April 15, 2024 05:53 PM AEST | By Team Kalkine Media

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Argan (NYSE: AGX) share price went up 22% in a month. What’s happening lately? — Image source: Pexels

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Argan Inc (NYSE: AGX) specializes in offering comprehensive construction and associated services to the power sector. Its service portfolio centers around the design, procurement, and construction of natural gas-fired power plants and renewable energy installations. Additionally, it provides services such as commissioning, maintenance, project development, and technical consulting through its divisions.

On April 12, 2024, AGX closed at US$59.77 apiece, 21.11% higher than the previous day's close of US$49.35 apiece. With this, in the past one month, AGX’s share price surged by over 22% in the last one month.

The share price movement is likely to be driven by the earnings report released by the firm on April 11, 2024. During the fourth quarter of the fiscal year 2024, the company witnessed a significant jump in its revenue to US$164.6 million, driven by an increase in revenue across multiple projects. Meanwhile, gross profit stood at US$23.6 million, and EBITDA reached US$17.56 million.

In the full fiscal year 2024, the company reported revenues of over US$573.3 million, gross profit of US$80.83 million, and EBITDA of US$51.33 million.

Dividend announcement

On April 10, 2024, the Board of Directors announced a quarterly cash dividend of US$0.30 per share. This dividend is payable on April 30, 2024, to shareholders of record as of April 22, 2024. Notably, this marks a 20% increase from the previous quarterly dividend of US$0.25 per share, which was raised in October 2023. Throughout Fiscal Year 2024, the company distributed a total of US$1.10 per common stock share in dividends. In comparison, during Fiscal Year 2023, the total dividend per share was US$1.00, consisting of quarterly cash dividends of US$0.25 per share.

Share buyback program

Moreover, in Fiscal Year 2024, Argan conducted a share repurchase program, acquiring 303,160 shares of common stock at a total cost of US$12.5 million. This included the repurchase of 90,719 shares of common stock, amounting to US$4.0 million, during the three months ending on January 31, 2024.

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