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

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

RGC Resources Price Performance

Shares of RGCO opened at $20.24 on Tuesday. RGC Resources has a 12 month low of $15.36 and a 12 month high of $23.70. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.07 and a quick ratio of 0.69. The stock has a fifty day moving average price of $20.87 and a 200 day moving average price of $20.63. The company has a market cap of $206.85 million, a P/E ratio of 16.19 and a beta of 0.16.

RGC Resources (NASDAQ:RGCO) last released its quarterly earnings data on Monday, August 5th. The energy company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.05). The firm had revenue of $14.46 million during the quarter, compared to analyst estimates of $14.00 million. RGC Resources had a return on equity of 11.93% and a net margin of 15.04%. During the same period last year, the business earned $0.07 EPS. On average, research analysts forecast that RGC Resources will post 1.14 earnings per share for the current year.

RGC Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.80 annualized dividend and a dividend yield of 3.95%. RGC Resources’s dividend payout ratio is presently 64.00%.

Institutional Trading of RGC Resources

Several large investors have recently added to or reduced their stakes in RGCO. Fruth Investment Management boosted its position in RGC Resources by 10.1% during the 3rd quarter. Fruth Investment Management now owns 13,100 shares of the energy company’s stock worth $295,000 after acquiring an additional 1,198 shares during the period. Gabelli Funds LLC lifted its holdings in RGC Resources by 16.4% in the second quarter. Gabelli Funds LLC now owns 224,206 shares of the energy company’s stock worth $4,585,000 after purchasing an additional 31,651 shares during the period. Renaissance Technologies LLC lifted its holdings in RGC Resources by 1.4% in the second quarter. Renaissance Technologies LLC now owns 43,433 shares of the energy company’s stock worth $888,000 after purchasing an additional 600 shares during the period. Rhumbline Advisers grew its position in RGC Resources by 5.6% in the 2nd quarter. Rhumbline Advisers now owns 9,338 shares of the energy company’s stock valued at $191,000 after buying an additional 497 shares in the last quarter. Finally, Burke & Herbert Bank & Trust Co. acquired a new position in RGC Resources during the 2nd quarter valued at about $819,000. 35.77% of the stock is currently owned by institutional investors and hedge funds.

About RGC Resources

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.