Wall Street Zen upgraded shares of RGC Resources (NASDAQ:RGCO – Free Report) from a sell rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.
RGCO has been the subject of several other research reports. Huntington started coverage on RGC Resources in a research note on Monday, September 14th. They set an “outperform” rating and a $27.00 price target for the company. Weiss Ratings lowered RGC Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating. According to MarketBeat, RGC Resources currently has an average rating of “Buy” and an average target price of $27.00.
Check Out Our Latest Stock Report on RGCO
RGC Resources Stock Down 0.1%
RGCO stock opened at $22.60 on Friday. The firm has a market cap of $235.49 million, a PE ratio of 16.89 and a beta of 0.50. RGC Resources has a 1 year low of $20.55 and a 1 year high of $27.99. The company has a fifty day simple moving average of $21.74 and a 200 day simple moving average of $22.60. The company has a current ratio of 0.94, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19.
RGC Resources (NASDAQ:RGCO – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). RGC Resources had a return on equity of 11.73% and a net margin of 13.05%. The business had revenue of $17.11 million during the quarter, compared to the consensus estimate of $18.19 million.
RGC Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 16th will be issued a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, October 16th. RGC Resources’s dividend payout ratio is currently 64.93%.
Insider Activity
In other news, Director John Williamson, III bought 2,500 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were acquired at an average cost of $20.94 per share, for a total transaction of $52,350.00. Following the purchase, the director owned 182,431 shares of the company’s stock, valued at $3,820,105.14. This represents a 1.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have acquired 8,330 shares of company stock worth $175,638. 7.20% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On RGC Resources
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of RGC Resources in the second quarter valued at about $10,213,000. Ancora Advisors LLC bought a new position in shares of RGC Resources in the second quarter worth about $3,272,000. Bank of New York Mellon Corp acquired a new position in shares of RGC Resources during the 2nd quarter worth about $1,717,000. Oppenheimer Asset Management Inc. acquired a new position in shares of RGC Resources during the 2nd quarter worth about $248,000. Finally, D.A. Davidson & CO. acquired a new position in shares of RGC Resources during the 1st quarter worth about $201,000. 35.77% of the stock is currently owned by institutional investors.
About RGC Resources
RGC Resources, Inc is a holding company whose principal subsidiary, Roanoke Gas Company, distributes natural gas to residential, commercial and industrial customers in and around Roanoke, Virginia. The company’s operations include the delivery of natural gas through a regulated local distribution system and related customer services.
Roanoke Gas Company has served the Roanoke Valley for more than a century, developing and maintaining the infrastructure needed to provide natural gas to communities in southwestern Virginia.
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