RGC Resources (NASDAQ:RGCO) Director John Williamson III Purchases 2,500 Shares of Stock

RGC Resources Inc. (NASDAQ:RGCO) Director John Williamson III bought 2,500 shares of the stock in a transaction dated Wednesday, September 23rd. The stock was purchased at an average price of $20.94 per share, with a total value of $52,350.00. Following the purchase, the director owned 182,431 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link.

RGC Resources Stock Up 2.4%

Shares of RGC Resources stock opened at $21.28 on Friday. The firm has a market cap of $221.74 million, a price-to-earnings ratio of 15.88 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.94 and a quick ratio of 0.67. RGC Resources Inc. has a 1 year low of $20.55 and a 1 year high of $27.99. The company has a 50-day moving average of $21.79 and a 200 day moving average of $22.55.

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

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 paid a dividend of $0.2175 per share. The ex-dividend date was Friday, July 17th. This represents a $0.87 dividend on an annualized basis and a yield of 4.1%. RGC Resources’s payout ratio is presently 64.93%.

Hedge Funds Weigh In On RGC Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG purchased a new stake in RGC Resources during the 2nd quarter valued at $199,000. D.A. Davidson & CO. purchased a new position in shares of RGC Resources in the first quarter worth $201,000. Clearstead Advisors LLC purchased a new position in shares of RGC Resources in the fourth quarter worth $219,000. Oppenheimer Asset Management Inc. bought a new position in shares of RGC Resources during the second quarter valued at $248,000. Finally, Hennessy Advisors Inc. lifted its holdings in shares of RGC Resources by 6.2% during the second quarter. Hennessy Advisors Inc. now owns 13,754 shares of the energy company’s stock valued at $329,000 after purchasing an additional 800 shares in the last quarter. 35.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RGCO shares. Weiss Ratings reissued a “buy (b)” rating on shares of RGC Resources in a research note on Friday, August 7th. Wall Street Zen cut shares of RGC Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Huntington initiated coverage on shares of RGC Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $27.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, RGC Resources currently has an average rating of “Buy” and a consensus price target of $27.00.

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.