RGC Resources (NASDAQ:RGCO) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Shares of RGC Resources Inc. (NASDAQ:RGCO) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.63 and traded as high as $22.36. RGC Resources shares last traded at $22.04, with a volume of 5,067 shares.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RGCO shares. Wall Street Zen downgraded RGC Resources from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings reissued a “hold (c+)” rating on shares of RGC Resources in a research note on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

RGC Resources Stock Down 1.0%

The firm’s 50 day moving average price is $21.65 and its two-hundred day moving average price is $21.63. The firm has a market capitalization of $227.59 million, a PE ratio of 16.82 and a beta of 0.52. The company has a quick ratio of 0.66, a current ratio of 1.04 and a debt-to-equity ratio of 1.20.

RGC Resources (NASDAQ:RGCO) last issued its quarterly earnings data on Wednesday, November 19th. The energy company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $14.32 million for the quarter, compared to analyst estimates of $14.00 million. RGC Resources had a net margin of 14.48% and a return on equity of 12.01%. As a group, research analysts forecast that RGC Resources Inc. will post 1.23 EPS for the current fiscal year.

RGC Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Friday, January 16th will be paid a $0.2175 dividend. This represents a $0.87 annualized dividend and a dividend yield of 3.9%. This is a positive change from RGC Resources’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, January 16th. RGC Resources’s payout ratio is presently 67.97%.

Institutional Investors Weigh In On RGC Resources

A number of hedge funds have recently bought and sold shares of RGCO. Nuveen LLC bought a new position in RGC Resources in the first quarter worth about $560,000. Russell Investments Group Ltd. raised its position in shares of RGC Resources by 8.2% during the 1st quarter. Russell Investments Group Ltd. now owns 194,570 shares of the energy company’s stock worth $4,061,000 after purchasing an additional 14,724 shares during the period. Gamco Investors INC. ET AL lifted its holdings in shares of RGC Resources by 2.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 415,100 shares of the energy company’s stock worth $8,663,000 after purchasing an additional 9,400 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of RGC Resources by 5.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 12,654 shares of the energy company’s stock worth $283,000 after purchasing an additional 668 shares during the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in RGC Resources during the 2nd quarter valued at approximately $59,000. 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.