RGC Resources (NASDAQ:RGCO) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of RGC Resources (NASDAQ:RGCO) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

A number of other research analysts also recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of RGC Resources in a research report on Friday, August 7th. Huntington initiated coverage on RGC Resources in a research report on Monday, September 14th. They set an “outperform” rating and a $27.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, RGC Resources presently has an average rating of “Buy” and an average target price of $27.00.

RGC Resources Stock Performance

RGCO opened at $21.28 on Friday. RGC Resources has a 12-month low of $20.55 and a 12-month high of $27.99. The company has a current ratio of 0.94, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $221.74 million, a PE ratio of 15.88 and a beta of 0.52. The firm has a 50 day moving average of $21.79 and a two-hundred day moving average of $22.55.

RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $17.11 million for the quarter, compared to analyst estimates of $18.19 million. RGC Resources had a net margin of 13.05% and a return on equity of 11.73%.

RGC Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 17th were given a $0.2175 dividend. This represents a $0.87 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, July 17th. RGC Resources’s dividend payout ratio is currently 64.93%.

Insider Buying and Selling

In other news, Director John Williamson, III acquired 2,500 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were acquired at an average price of $20.94 per share, with a total value of $52,350.00. Following the purchase, the director directly owned 182,431 shares of the company’s stock, valued at $3,820,105.14. This trade represents a 1.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders purchased 8,334 shares of company stock valued at $175,772. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On RGC Resources

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in RGC Resources during the second quarter valued at $10,213,000. Gamco Investors INC. ET AL raised its position in shares of RGC Resources by 0.9% in the first quarter. Gamco Investors INC. ET AL now owns 416,900 shares of the energy company’s stock worth $9,193,000 after acquiring an additional 3,600 shares during the period. Gabelli Funds LLC boosted its stake in shares of RGC Resources by 0.6% during the 1st quarter. Gabelli Funds LLC now owns 230,300 shares of the energy company’s stock worth $5,078,000 after acquiring an additional 1,300 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of RGC Resources during the 2nd quarter worth about $3,272,000. Finally, Dimensional Fund Advisors LP grew its position in shares of RGC Resources by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,931 shares of the energy company’s stock valued at $2,799,000 after acquiring an additional 3,175 shares during the period. 35.77% of the stock is currently owned by institutional investors and hedge funds.

About RGC Resources

RGC Resources, Inc is a holding company whose principal subsidiary, Roanoke Gas Company, provides regulated natural gas distribution services in southwestern Virginia. The company delivers natural gas to residential, commercial and industrial customers through a local distribution network.

Roanoke Gas serves communities in and around the Roanoke Valley, including the cities of Roanoke, Salem and Vinton, as well as portions of surrounding counties. Its activities include operating and maintaining natural gas pipelines, providing customer connections and delivering gas for heating, water heating, cooking and other commercial and industrial uses.

RGC Resources traces its operating history to Roanoke Gas Company, which was established in the early twentieth century.