RGC Resources (NASDAQ:RGCO) Stock Breaks Below 200-Day Moving Average - Here's What Happened

RGC Resources Inc. (NASDAQ:RGCO - Get Free Report) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $22.55 and traded as low as $21.75. RGC Resources shares last traded at $22.61, with a volume of 23,348 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RGCO. Wall Street Zen lowered RGC Resources from a "hold" rating to a "sell" rating in a research report on Saturday, September 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of RGC Resources in a research note on Friday, August 7th. Finally, Huntington initiated coverage on shares of RGC Resources in a research report on Monday, September 14th. They set an "outperform" rating and a $27.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, RGC Resources currently has an average rating of "Buy" and an average target price of $27.00.

RGC Resources Stock Up 3.9%

The firm's 50 day simple moving average is $21.61 and its 200-day simple moving average is $22.55. The company has a market cap of $235.60 million, a price-to-earnings ratio of 16.87 and a beta of 0.50. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.94 and a quick ratio of 0.67.

RGC Resources (NASDAQ:RGCO - Get Free Report) last posted its earnings results 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 return on equity of 11.73% and a net margin of 13.05%.The firm had revenue of $17.11 million for the quarter, compared to analyst estimates of $18.19 million.

RGC Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 16th will be paid a dividend of $0.2175 per share. This represents a $0.87 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, October 16th. RGC Resources's dividend payout ratio (DPR) is currently 64.93%.

Insider Buying and Selling

In other news, Director John Williamson, III acquired 2,500 shares of RGC Resources stock in a transaction on Wednesday, September 23rd. The stock was bought at an average price of $20.94 per share, for a total transaction of $52,350.00. Following the completion of the purchase, the director owned 182,431 shares in the company, valued at $3,820,105.14. This represents a 1.39% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 8,330 shares of company stock worth $175,638 over the last quarter. Insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On RGC Resources

A number of hedge funds have recently modified their holdings of RGCO. Hennessy Advisors Inc. lifted its holdings in shares of RGC Resources by 6.2% during the second quarter. Hennessy Advisors Inc. now owns 13,754 shares of the energy company's stock worth $329,000 after purchasing an additional 800 shares during the period. Ancora Advisors LLC acquired a new position in RGC Resources in the 2nd quarter valued at $3,272,000. BlackRock Inc. acquired a new position in RGC Resources in the 2nd quarter valued at $10,213,000. Deutsche Bank AG acquired a new position in RGC Resources in the 2nd quarter valued at $199,000. Finally, Bank of New York Mellon Corp purchased a new position in RGC Resources during the 2nd quarter worth $1,717,000. 35.77% of the stock is currently owned by hedge funds and other institutional investors.

RGC Resources Company Profile

RGC Resources, Inc is a holding company whose principal subsidiary, Roanoke Gas Company, distributes natural gas to residential, commercial and industrial customers in and around Roanoke, Virginia. The company's operations include the delivery of natural gas through a regulated local distribution system and related customer services.

Roanoke Gas Company has served the Roanoke Valley for more than a century, developing and maintaining the infrastructure needed to provide natural gas to communities in southwestern Virginia.

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