Argan (AGX) will hike its quarterly cash dividend by 20%, raising it from $0.25 to $0.30 per common share. Shareholders, mark your calendars - the dividend will be paid on October 31, 2023, to those on record as of October 23, 2023. This will be the highest dividend ever paid by the construction services company. The new dividend yield for AGX will be about 2.7% at a stock price of $44.47. The next ex-dividend date will be October 20, 2023.
“Our construction expertise and project capabilities make our business well positioned in the growing opportunities of our end markets,” commented David Watson, Argan’s President and Chief Executive Officer. “With the growth in our business and strength of our balance sheet, we are pleased to increase our commitment of returning value to our stockholders through larger dividends coupled with our existing $125 million share repurchase program.”
Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.