RGC Resources (NASDAQ:RGCO) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of RGC Resources (NASDAQ:RGCO - Free Report) from a buy rating to a hold rating in a research report released on Saturday.

RGC Resources Trading Up 2.1%

RGCO stock traded up $0.46 during mid-day trading on Friday, hitting $22.84. 5,221 shares of the company were exchanged, compared to its average volume of 12,380. RGC Resources has a 12-month low of $19.05 and a 12-month high of $24.20. The firm has a market capitalization of $235.48 million, a P/E ratio of 17.84 and a beta of 0.45. The business has a fifty day simple moving average of $21.17 and a 200-day simple moving average of $20.88. The company has a quick ratio of 0.48, a current ratio of 0.57 and a debt-to-equity ratio of 0.98.

RGC Resources (NASDAQ:RGCO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.06. The firm had revenue of $36.46 million during the quarter, compared to analysts' expectations of $34.00 million. RGC Resources had a net margin of 14.50% and a return on equity of 11.86%. On average, equities research analysts predict that RGC Resources will post 1.23 earnings per share for the current fiscal year.

RGC Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a dividend of $0.2075 per share. This represents a $0.83 annualized dividend and a yield of 3.63%. The ex-dividend date is Friday, July 18th. RGC Resources's payout ratio is 64.84%.

Hedge Funds Weigh In On RGC Resources

Several institutional investors have recently bought and sold shares of RGCO. JPMorgan Chase & Co. boosted its stake in shares of RGC Resources by 105.0% in the fourth quarter. JPMorgan Chase & Co. now owns 30,129 shares of the energy company's stock valued at $604,000 after purchasing an additional 15,434 shares during the period. Wells Fargo & Company MN lifted its holdings in RGC Resources by 12.2% during the 4th quarter. Wells Fargo & Company MN now owns 9,719 shares of the energy company's stock worth $195,000 after buying an additional 1,055 shares in the last quarter. Barclays PLC boosted its position in RGC Resources by 13.5% in the 4th quarter. Barclays PLC now owns 12,422 shares of the energy company's stock valued at $249,000 after buying an additional 1,481 shares during the period. Gabelli Funds LLC grew its stake in shares of RGC Resources by 0.3% in the fourth quarter. Gabelli Funds LLC now owns 229,000 shares of the energy company's stock worth $4,594,000 after acquiring an additional 794 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in shares of 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 worth $8,138,000 after acquiring an additional 12,300 shares in the last quarter. 35.77% of the stock is owned by institutional investors and hedge funds.

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.