RGC Resources (NASDAQ:RGCO) Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of RGC Resources (NASDAQ:RGCO - Free Report) from a hold rating to a buy rating in a report issued on Tuesday.

RGC Resources Stock Performance

Shares of NASDAQ:RGCO traded down $0.17 during trading on Tuesday, reaching $20.85. 9,148 shares of the stock were exchanged, compared to its average volume of 12,190. RGC Resources has a 12 month low of $19.05 and a 12 month high of $24.20. The stock has a 50-day moving average price of $21.29 and a 200-day moving average price of $20.83. 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 firm has a market cap of $215.01 million, a PE ratio of 17.82 and a beta of 0.46.

RGC Resources (NASDAQ:RGCO - Get Free Report) last released its quarterly 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 during the quarter, compared to analysts' expectations of $34.00 million. RGC Resources had a return on equity of 10.94% and a net margin of 13.73%. Research analysts expect that RGC Resources will post 1.23 EPS for the current fiscal year.

RGC Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a $0.2075 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.83 annualized dividend and a dividend yield of 3.98%. RGC Resources's dividend payout ratio (DPR) is presently 64.84%.

Institutional Trading of RGC Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its position in shares of RGC Resources by 293.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the energy company's stock worth $26,000 after purchasing an additional 951 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of RGC Resources by 5,110.7% in the first quarter. GAMMA Investing LLC now owns 7,764 shares of the energy company's stock valued at $162,000 after buying an additional 7,615 shares during the period. Wells Fargo & Company MN grew its position in RGC Resources by 12.2% during the fourth 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. Deutsche Bank AG bought a new position in RGC Resources during the 4th quarter worth $224,000. Finally, Price T Rowe Associates Inc. MD increased its stake in RGC Resources by 6.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,454 shares of the energy company's stock worth $230,000 after acquiring an additional 680 shares during the period. Institutional investors and hedge funds own 35.77% of the company's stock.

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.