Cary Street Partners Financial LLC Purchases New Shares in RGC Resources, Inc. (NASDAQ:RGCO)

Cary Street Partners Financial LLC bought a new position in shares of RGC Resources, Inc. (NASDAQ:RGCO - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 33,277 shares of the energy company's stock, valued at approximately $668,000. Cary Street Partners Financial LLC owned approximately 0.32% of RGC Resources as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL boosted its holdings in RGC Resources by 3.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 405,700 shares of the energy company's stock valued at $8,138,000 after purchasing an additional 12,300 shares during the period. Gabelli Funds LLC raised its position in RGC Resources by 0.3% in the 4th quarter. Gabelli Funds LLC now owns 229,000 shares of the energy company's stock valued at $4,594,000 after purchasing an additional 794 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of RGC Resources by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 120,400 shares of the energy company's stock valued at $2,415,000 after buying an additional 3,684 shares during the period. Teton Advisors Inc. grew its position in shares of RGC Resources by 0.8% during the fourth quarter. Teton Advisors Inc. now owns 95,130 shares of the energy company's stock worth $1,908,000 after buying an additional 800 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of RGC Resources by 4.2% during the fourth quarter. Northern Trust Corp now owns 72,653 shares of the energy company's stock worth $1,457,000 after buying an additional 2,918 shares during the period. Hedge funds and other institutional investors own 35.77% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of RGC Resources from a "hold" rating to a "buy" rating in a report on Friday.

RGC Resources Stock Up 1.1 %

NASDAQ:RGCO traded up $0.23 during trading hours on Friday, hitting $21.79. The company's stock had a trading volume of 6,717 shares, compared to its average volume of 12,224. RGC Resources, Inc. has a 52-week low of $19.05 and a 52-week high of $24.20. The company has a current ratio of 0.56, a quick ratio of 0.41 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $224.70 million, a P/E ratio of 18.62 and a beta of 0.46. The stock has a fifty day moving average of $21.13 and a 200-day moving average of $20.81.

RGC Resources (NASDAQ:RGCO - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.06. The business had revenue of $36.46 million for the quarter, compared to analyst estimates of $34.00 million. RGC Resources had a return on equity of 10.94% and a net margin of 13.73%. On average, equities analysts forecast that RGC Resources, Inc. will post 1.23 earnings per share for the current year.

RGC Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be issued a $0.2075 dividend. This represents a $0.83 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, July 18th. RGC Resources's payout ratio is 64.84%.

About RGC Resources

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.