RGC Resources (NASDAQ:RGCO) Upgraded to “Hold” at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of RGC Resources (NASDAQ:RGCO – Free Report) from a sell rating to a hold rating in a report issued on Tuesday morning.

RGC Resources Stock Performance

Shares of RGCO opened at $21.02 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.69 and a debt-to-equity ratio of 1.25. The firm has a market cap of $214.00 million, a PE ratio of 16.17 and a beta of 0.16. RGC Resources has a 12 month low of $15.36 and a 12 month high of $23.70. The stock has a fifty day moving average price of $20.69 and a 200-day moving average price of $20.59.

RGC Resources (NASDAQ:RGCO – Get Free Report) last released its quarterly earnings results on Monday, August 5th. The energy company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.05). The business had revenue of $14.46 million during the quarter, compared to analysts’ expectations of $14.00 million. RGC Resources had a net margin of 15.04% and a return on equity of 11.93%. During the same quarter last year, the business posted $0.07 earnings per share. Equities research analysts predict that RGC Resources will post 1.14 earnings per share for the current fiscal year.

RGC Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, October 18th. RGC Resources’s payout ratio is 61.54%.

Institutional Investors Weigh In On RGC Resources

A number of institutional investors and hedge funds have recently modified their holdings of RGCO. Gabelli Funds LLC lifted its position in RGC Resources by 14.3% during the first quarter. Gabelli Funds LLC now owns 192,555 shares of the energy company’s stock valued at $3,897,000 after purchasing an additional 24,055 shares during the period. Burke & Herbert Bank & Trust Co. purchased a new position in shares of RGC Resources during the 2nd quarter valued at about $819,000. Russell Investments Group Ltd. lifted its holdings in shares of RGC Resources by 25.3% in the 1st quarter. Russell Investments Group Ltd. now owns 181,524 shares of the energy company’s stock valued at $3,674,000 after buying an additional 36,685 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of RGC Resources by 62.0% in the first quarter. BNP Paribas Financial Markets now owns 4,011 shares of the energy company’s stock worth $81,000 after buying an additional 1,535 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in RGC Resources by 1.0% during the first quarter. Vanguard Group Inc. now owns 437,803 shares of the energy company’s stock worth $8,861,000 after acquiring an additional 4,202 shares during the period. Institutional investors and hedge funds own 35.77% of the company’s stock.

About RGC Resources

(Get Free Report)

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.

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