RGC Resources (NASDAQ:RGCO) Shares Pass Above 200 Day Moving Average – Here’s Why

RGC Resources Inc. (NASDAQ:RGCO)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.68 and traded as high as $22.97. RGC Resources shares last traded at $22.69, with a volume of 12,792 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RGCO shares. Wall Street Zen cut RGC Resources from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reissued a “hold (c+)” rating on shares of RGC Resources in a research report on Monday, December 1st. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, RGC Resources has an average rating of “Hold”.

RGC Resources Price Performance

The stock has a market cap of $234.84 million, a P/E ratio of 17.73 and a beta of 0.52. The business has a 50 day simple moving average of $21.64 and a 200-day simple moving average of $21.68. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.59 and a current ratio of 1.03.

RGC Resources (NASDAQ:RGCO) last issued its quarterly earnings results on Thursday, December 4th. The energy company reported $1.29 earnings per share for the quarter. RGC Resources had a net margin of 13.93% and a return on equity of 11.56%. During the same period in the prior year, the company posted $1.16 EPS. On average, sell-side analysts forecast that RGC Resources Inc. will post 1.23 EPS for the current year.

RGC Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 16th will be given a dividend of $0.2175 per share. The ex-dividend date of this dividend is Friday, January 16th. This represents a $0.87 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from RGC Resources’s previous quarterly dividend of $0.21. RGC Resources’s payout ratio is currently 64.84%.

Institutional Investors Weigh In On RGC Resources

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in RGC Resources by 0.6% in the third quarter. Vanguard Group Inc. now owns 442,151 shares of the energy company’s stock valued at $9,922,000 after purchasing an additional 2,678 shares during the last quarter. Gamco Investors INC. ET AL lifted its position in shares of RGC Resources by 2.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 415,100 shares of the energy company’s stock valued at $8,663,000 after buying an additional 9,400 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of RGC Resources by 0.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 403,414 shares of the energy company’s stock valued at $9,028,000 after buying an additional 2,486 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of RGC Resources by 23.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 233,352 shares of the energy company’s stock worth $5,236,000 after acquiring an additional 43,900 shares during the period. Finally, Geode Capital Management LLC increased its holdings in RGC Resources by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 198,394 shares of the energy company’s stock worth $4,441,000 after acquiring an additional 1,701 shares during the last quarter. Institutional investors own 35.77% of the company’s stock.

RGC Resources Company Profile

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.