Bank of New York Mellon Corp Makes New Investment in RGC Resources Inc. $RGCO

Key Points

• Bank of New York Mellon bought 71,859 shares of RGC Resources worth approximately $1.7 million, acquiring a 0.69% stake. Institutional investors and hedge funds collectively own 35.77% of the company.
• RGC Resources reported quarterly EPS of $0.05 and revenue of $17.11 million, both below analyst expectations. The stock opened at $21.58, down 1.6%, and remains near the lower end of its 12-month range.
• The company pays a quarterly dividend of $0.2175 per share, equal to an annualized $0.87 dividend and a 4.0% yield. Analyst sentiment remains broadly positive, with a consensus “Buy” rating despite one recent downgrade to “Hold.”

Bank of New York Mellon Corp bought a new position in shares of RGC Resources Inc. (NASDAQ:RGCO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 71,859 shares of the energy company's stock, valued at approximately $1,717,000. Bank of New York Mellon Corp owned about 0.69% of RGC Resources as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of RGC Resources by 0.9% in the second quarter. Geode Capital Management LLC now owns 198,394 shares of the energy company's stock valued at $4,441,000 after buying an additional 1,701 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of RGC Resources by 0.6% in the second quarter. Ameriprise Financial Inc. now owns 403,414 shares of the energy company's stock worth $9,028,000 after acquiring an additional 2,486 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of RGC Resources by 440.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,821 shares of the energy company's stock worth $63,000 after purchasing an additional 2,299 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of RGC Resources by 200.0% during the second 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. Finally, JPMorgan Chase & Co. grew its stake in shares of RGC Resources by 24.6% during the third quarter. JPMorgan Chase & Co. now owns 12,678 shares of the energy company's stock valued at $284,000 after purchasing an additional 2,502 shares during the last quarter. 35.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on RGCO shares. Weiss Ratings restated a "buy (b)" rating on shares of RGC Resources in a research report on Friday, August 7th. Wall Street Zen lowered RGC Resources from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy".

RGC Resources Stock Down 1.6%

Shares of RGC Resources stock opened at $21.58 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. RGC Resources Inc. has a 12 month low of $20.55 and a 12 month high of $27.99. The business has a fifty day simple moving average of $22.60 and a 200 day simple moving average of $22.61. The stock has a market cap of $224.86 million, a PE ratio of 16.10 and a beta of 0.52.

RGC Resources (NASDAQ:RGCO - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.05 EPS 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 company had revenue of $17.11 million during the quarter, compared to the consensus estimate of $18.19 million.

RGC Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 17th were given a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, July 17th. RGC Resources's payout ratio is presently 64.93%.

RGC Resources 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.

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