RGC Resources, Inc. (NASDAQ:RGCO) Sees Large Growth in Short Interest

RGC Resources, Inc. (NASDAQ:RGCO) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 85,300 shares, a growth of 31.8% from the March 31st total of 64,700 shares. Currently, 1.1% of the company’s stock are sold short. Based on an average trading volume of 15,100 shares, the days-to-cover ratio is presently 5.6 days.

RGC Resources Stock Down 1.7 %

NASDAQ:RGCO traded down $0.36 during midday trading on Tuesday, reaching $20.62. 7,093 shares of the stock traded hands, compared to its average volume of 16,484. The stock has a market capitalization of $209.50 million, a PE ratio of 15.74 and a beta of 0.22. RGC Resources has a 12-month low of $15.36 and a 12-month high of $22.53. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.36 and a current ratio of 0.54. The business has a 50-day moving average of $19.86 and a two-hundred day moving average of $19.05.

RGC Resources (NASDAQ:RGCO) last issued its quarterly earnings results on Monday, February 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.11. The business had revenue of $24.42 million for the quarter, compared to the consensus estimate of $31.00 million. RGC Resources had a return on equity of 12.89% and a net margin of 14.75%. On average, equities analysts forecast that RGC Resources will post 1.16 earnings per share for the current fiscal year.

RGC Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Tuesday, April 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Monday, April 15th. RGC Resources’s dividend payout ratio (DPR) is presently 61.07%.

Insider Activity

In related news, Director Robert B. Johnston acquired 1,715 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was purchased at an average cost of $18.78 per share, for a total transaction of $32,207.70. Following the purchase, the director now directly owns 63,005 shares of the company’s stock, valued at approximately $1,183,233.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have purchased 2,315 shares of company stock worth $43,302. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RGC Resources

Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC purchased a new position in shares of RGC Resources in the 4th quarter valued at approximately $35,000. Barclays PLC raised its holdings in shares of RGC Resources by 66.6% in the second quarter. Barclays PLC now owns 1,808 shares of the energy company’s stock worth $37,000 after buying an additional 723 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of RGC Resources in the third quarter worth $53,000. Keel Point LLC acquired a new stake in shares of RGC Resources during the fourth quarter worth $203,000. Finally, Fruth Investment Management acquired a new position in shares of RGC Resources in the 4th quarter valued at $211,000. Institutional investors and hedge funds own 35.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TheStreet raised shares of RGC Resources from a “c” rating to a “b-” rating in a research report on Tuesday, February 6th.

RGC Resources Company Profile

RGC Resources, Inc, through its subsidiaries, operates as an energy services company. It sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. The company also provides various unregulated services. It operates approximately 1,179 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates six metering stations.