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

RGC Resources Inc. (NASDAQ:RGCO) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $23.33 and traded as high as $25.09. RGC Resources shares last traded at $23.72, with a volume of 13,498 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on RGCO. Weiss Ratings upgraded shares of RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Wall Street Zen raised RGC Resources from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, RGC Resources currently has an average rating of “Buy”.

RGC Resources Price Performance

The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.04. The stock has a market cap of $246.93 million, a P/E ratio of 17.70 and a beta of 0.50. The business’s 50-day simple moving average is $23.33 and its two-hundred day simple moving average is $22.36.

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

RGC Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 17th will be issued a dividend of $0.2175 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $0.87 dividend on an annualized basis and a yield of 3.7%. RGC Resources’s payout ratio is presently 64.93%.

Hedge Funds Weigh In On RGC Resources

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of 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 in the last quarter. Gamco Investors INC. ET AL lifted its holdings in RGC Resources by 0.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 416,900 shares of the energy company’s stock worth $9,193,000 after purchasing an additional 3,600 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in RGC Resources by 0.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 403,414 shares of the energy company’s stock worth $9,028,000 after purchasing an additional 2,486 shares during the period. Russell Investments Group Ltd. grew its holdings in RGC Resources by 23.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 233,352 shares of the energy company’s stock valued at $5,236,000 after buying an additional 43,900 shares in the last quarter. Finally, Gabelli Funds LLC increased its position in shares of RGC Resources by 0.6% during the first quarter. Gabelli Funds LLC now owns 230,300 shares of the energy company’s stock valued at $5,078,000 after buying an additional 1,300 shares during the period. 35.77% of the stock is owned by institutional investors.

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.