RGC Resources (NASDAQ:RGCO) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• RGC Resources Inc. shares have recently crossed above their 200-day moving average of $21.33, reaching a trading high of $22.48, with current trading at $22.39.
• The company reported earnings of $0.05 per share for the last quarter, exceeding analyst expectations, contributing to a revenue of $17.27 million.
• Institutional ownership reflects confidence in RGC Resources, with firms like Tower Research Capital and Geneos Wealth Management significantly increasing their stakes by 293.5% and 200%, respectively.

RGC Resources Inc. (NASDAQ:RGCO - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $21.33 and traded as high as $22.48. RGC Resources shares last traded at $22.39, with a volume of 11,025 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded RGC Resources from a "buy" rating to a "hold" rating in a report on Saturday, August 16th.

RGC Resources Trading Up 0.5%

The company has a current ratio of 1.04, a quick ratio of 0.66 and a debt-to-equity ratio of 1.20. The business's 50-day simple moving average is $21.73 and its two-hundred day simple moving average is $21.36. The company has a market capitalization of $226.14 million, a PE ratio of 16.72 and a beta of 0.48.

RGC Resources (NASDAQ:RGCO - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The energy company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. The company had revenue of $17.27 million during the quarter, compared to analysts' expectations of $15.00 million. RGC Resources had a net margin of 14.48% and a return on equity of 12.01%. On average, analysts predict that RGC Resources Inc. will post 1.23 earnings per share for the current year.

Hedge Funds Weigh In On RGC Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its position 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 worth $36,000 after purchasing an additional 1,068 shares during the last quarter. Creekmur Asset Management LLC bought a new position in shares of RGC Resources during the second quarter worth about $59,000. 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 during the last quarter. GAMMA Investing LLC lifted its position in shares of RGC Resources by 5,110.7% during the first quarter. GAMMA Investing LLC now owns 7,764 shares of the energy company's stock worth $162,000 after purchasing an additional 7,615 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of RGC Resources during the fourth quarter worth about $224,000. 35.77% of the stock is owned by hedge funds and other institutional investors.

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.