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 research note issued to investors on Tuesday.

RGC Resources Price Performance

Shares of NASDAQ RGCO opened at $20.68 on Tuesday. 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 company has a market cap of $211.35 million, a price-to-earnings ratio of 16.54 and a beta of 0.16. The stock’s 50-day moving average is $20.89 and its two-hundred day moving average is $20.63. RGC Resources has a 1-year low of $15.36 and a 1-year high of $23.70.

RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings data 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 company had revenue of $14.46 million for 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 in the prior year, the firm posted $0.07 earnings per share. Analysts forecast that RGC Resources will post 1.14 EPS for the current fiscal year.

RGC Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.87%. RGC Resources’s payout ratio is 64.00%.

Hedge Funds Weigh In On RGC Resources

A number of institutional investors and hedge funds have recently modified their holdings of RGCO. BNP Paribas Financial Markets lifted its holdings in RGC Resources by 62.0% during the 1st 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. Rhumbline Advisers increased its holdings in shares of 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 acquiring an additional 497 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of RGC Resources by 5.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,680 shares of the energy company’s stock worth $217,000 after acquiring an additional 539 shares in the last quarter. Fruth Investment Management lifted its stake in RGC Resources by 10.1% during the third quarter. Fruth Investment Management now owns 13,100 shares of the energy company’s stock worth $295,000 after purchasing an additional 1,198 shares during the last quarter. Finally, Burke & Herbert Bank & Trust Co. acquired a new position in RGC Resources in the second quarter valued at approximately $819,000. Institutional investors and hedge funds own 35.77% of the company’s stock.

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.