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

RGC Resources Inc. (NASDAQ:RGCO)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.07 and traded as low as $22.01. RGC Resources shares last traded at $22.27, with a volume of 13,516 shares.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RGCO. Wall Street Zen upgraded RGC Resources from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy”.

RGC Resources Trading Down 2.8%

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.69 and a quick ratio of 0.59. The business’s 50 day moving average is $22.50 and its 200 day moving average is $22.07. The stock has a market cap of $231.83 million, a price-to-earnings ratio of 16.62 and a beta of 0.52.

RGC Resources (NASDAQ:RGCO) last issued its earnings results on Wednesday, May 6th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. RGC Resources had a net margin of 13.01% and a return on equity of 11.87%. The firm had revenue of $45.46 million during the quarter, compared to the consensus estimate of $38.20 million.

RGC Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 17th were paid a $0.2175 dividend. This represents a $0.87 annualized dividend and a yield of 3.9%. The ex-dividend date was Friday, April 17th. RGC Resources’s dividend payout ratio is currently 64.93%.

Institutional Investors Weigh In On RGC Resources

Hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund boosted its stake in shares of RGC Resources by 647.1% during the third quarter. New York State Common Retirement Fund now owns 1,270 shares of the energy company’s stock worth $28,000 after buying an additional 1,100 shares during the period. Geneos Wealth Management Inc. increased its holdings in RGC Resources by 200.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,602 shares of the energy company’s stock valued at $36,000 after buying an additional 1,068 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in RGC Resources by 80.9% in the third quarter. BNP Paribas Financial Markets now owns 1,816 shares of the energy company’s stock valued at $41,000 after buying an additional 812 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of RGC Resources by 440.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,821 shares of the energy company’s stock valued at $63,000 after purchasing an additional 2,299 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of RGC Resources in the fourth quarter valued at approximately $103,000. Institutional investors and hedge funds own 35.77% of the company’s stock.

RGC Resources Company Profile

RGC Resources, Inc (NASDAQ: RGCO) is a natural gas distribution and transmission company headquartered in Wheeling, West Virginia. Through its regulated subsidiaries, the company provides energy delivery services to residential, commercial and industrial customers across northern West Virginia, western Pennsylvania and parts of Maryland. RGC Resources focuses on maintaining a safe and efficient local pipeline network to ensure reliable supply to its service areas.

The company operates two primary business segments: distribution and transmission.