RGC Resources (NASDAQ:RGCO) Cut to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of RGC Resources (NASDAQ:RGCO) from a strong-buy rating to a hold rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “RGC Resources, Inc. has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas and Diversified Energy Company, which serves the Roanoke Valley, Southwestern Virginia and Southern West Virginia. The company’s stock will continue to be listed on the Nasdaq National Market, trading symbol RGCO. (PRESS RELEASE) “

Separately, Janney Montgomery Scott upgraded RGC Resources from a neutral rating to a buy rating in a research report on Friday, May 10th.

Shares of RGCO stock opened at $29.22 on Thursday. The stock has a market capitalization of $235.09 million, a P/E ratio of 26.32 and a beta of -0.18. The business’s 50 day simple moving average is $28.10. The company has a quick ratio of 0.73, a current ratio of 0.86 and a debt-to-equity ratio of 1.02. RGC Resources has a 12-month low of $24.16 and a 12-month high of $31.00.

RGC Resources (NASDAQ:RGCO) last released its earnings results on Monday, April 29th. The energy company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.10. The business had revenue of $25.28 million for the quarter, compared to the consensus estimate of $25.60 million. RGC Resources had a return on equity of 10.93% and a net margin of 12.99%. Equities research analysts anticipate that RGC Resources will post 1.06 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a $0.165 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.66 annualized dividend and a dividend yield of 2.26%. RGC Resources’s dividend payout ratio (DPR) is presently 16.84%.

In other news, CEO Orazio John S. D sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $27.25, for a total value of $81,750.00. Following the transaction, the chief executive officer now owns 44,034 shares in the company, valued at $1,199,926.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders bought 188 shares of company stock worth $5,326. Company insiders own 7.30% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGCO. GYL Financial Synergies LLC purchased a new position in shares of RGC Resources in the first quarter valued at approximately $385,000. BlackRock Inc. increased its holdings in shares of RGC Resources by 3.3% in the fourth quarter. BlackRock Inc. now owns 368,030 shares of the energy company’s stock valued at $11,025,000 after purchasing an additional 11,702 shares during the last quarter. Dalton Greiner Hartman Maher & Co. increased its holdings in shares of RGC Resources by 8.1% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 142,272 shares of the energy company’s stock valued at $3,772,000 after purchasing an additional 10,612 shares during the last quarter. Rhumbline Advisers acquired a new stake in shares of RGC Resources in the fourth quarter valued at approximately $312,000. Finally, SG Americas Securities LLC acquired a new stake in shares of RGC Resources in the first quarter valued at approximately $153,000.

About RGC Resources

RGC Resources, Inc, through its subsidiaries, operates as an energy services company. The company sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. It also provides various unregulated services. The company operates approximately 1,141 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 8 metering stations.

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