RGC Resources (NASDAQ:RGCO) Now Covered by Analysts at Huntington

Key Points

• Huntington initiated coverage of RGC Resources with an “outperform” rating and a $27 price target, implying approximately 26.3% upside from the prior close.
• Analyst sentiment is broadly positive: RGC Resources has a consensus “Buy” rating and a $27 consensus price target, despite Wall Street Zen recently downgrading the stock to “Hold.”
• RGC Resources recently missed quarterly expectations, reporting $0.05 in earnings per share versus the $0.06 consensus and revenue of $17.11 million versus estimates of $18.19 million.

Research analysts at Huntington assumed coverage on shares of RGC Resources (NASDAQ:RGCO - Get Free Report) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set an "outperform" rating and a $27.00 price target on the energy company's stock. Huntington's price target would suggest a potential upside of 26.34% from the company's previous close.

A number of other analysts have also recently weighed in on RGCO. Weiss Ratings reissued a "buy (b)" rating on shares of RGC Resources in a report on Friday, August 7th. Wall Street Zen cut shares of RGC Resources from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, RGC Resources currently has a consensus rating of "Buy" and a consensus price target of $27.00.

RGC Resources Trading Up 0.2%

RGCO stock traded up $0.05 during midday trading on Monday, hitting $21.37. 1,353 shares of the company's stock were exchanged, compared to its average volume of 12,677. The business has a 50-day simple moving average of $22.44 and a two-hundred day simple moving average of $22.62. The stock has a market capitalization of $222.69 million, a PE ratio of 15.95 and a beta of 0.52. RGC Resources has a 1-year low of $20.55 and a 1-year high of $27.99. The company has a current ratio of 0.94, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19.

RGC Resources (NASDAQ:RGCO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). RGC Resources had a net margin of 13.05% and a return on equity of 11.73%. The business had revenue of $17.11 million during the quarter, compared to analyst estimates of $18.19 million.

Hedge Funds Weigh In On RGC Resources

A number of hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its position in RGC Resources by 200.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,602 shares of the energy company's stock valued at $36,000 after purchasing an additional 1,068 shares during the last quarter. BNP Paribas Financial Markets increased its stake 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 purchasing an additional 812 shares during the period. California State Teachers Retirement System raised its holdings in shares of RGC Resources by 518.8% in the second quarter. California State Teachers Retirement System now owns 2,772 shares of the energy company's stock valued at $66,000 after buying an additional 2,324 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings 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 buying an additional 2,299 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of RGC Resources during the fourth quarter worth about $103,000. 35.77% of the stock is currently owned by hedge funds and other institutional investors.

About RGC Resources

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.

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