RGC Resources (NASDAQ:RGCO) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

RGC Resources Inc. (NASDAQ:RGCO) shares passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $22.96 and traded as high as $24.35. RGC Resources shares last traded at $24.08, with a volume of 12,564 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RGCO shares. Wall Street Zen downgraded shares of RGC Resources from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Weiss Ratings raised shares of RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy”.

RGC Resources Trading Down 1.6%

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 $22.96 and its two-hundred day moving average is $22.23. The firm has a market cap of $250.67 million, a P/E ratio of 17.97 and a beta of 0.52.

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

RGC Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 17th were issued a dividend of $0.2175 per share. The ex-dividend date of this dividend was Friday, April 17th. This represents a $0.87 annualized dividend and a yield of 3.6%. RGC Resources’s dividend payout ratio (DPR) is currently 64.93%.

Hedge Funds Weigh In On RGC Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC lifted its holdings in RGC Resources by 0.6% during the 1st quarter. Gabelli Funds LLC now owns 230,300 shares of the energy company’s stock worth $5,078,000 after purchasing an additional 1,300 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in shares of RGC Resources by 0.9% in the first quarter. Gamco Investors INC. ET AL now owns 416,900 shares of the energy company’s stock valued at $9,193,000 after acquiring an additional 3,600 shares in the last quarter. FCA Corp TX increased its position in RGC Resources by 1.9% during the first quarter. FCA Corp TX now owns 42,773 shares of the energy company’s stock worth $943,000 after acquiring an additional 795 shares during the period. Dimensional Fund Advisors LP grew its position in shares of RGC Resources by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,931 shares of the energy company’s stock worth $2,799,000 after purchasing an additional 3,175 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new stake in RGC Resources during the first quarter worth approximately $201,000. 35.77% of the stock is currently owned by institutional investors and hedge funds.

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.