RGC Resources (NASDAQ:RGCO) Shares Pass Above 200 Day Moving Average – Here’s Why

RGC Resources Inc. (NASDAQ:RGCO)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $21.68 and traded as high as $22.97. RGC Resources shares last traded at $22.69, with a volume of 12,792 shares.

Analysts Set New Price Targets

RGCO has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of RGC Resources from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of RGC Resources in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

RGC Resources Price Performance

The stock has a market capitalization of $234.84 million, a P/E ratio of 17.73 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.59 and a current ratio of 1.03. The business has a fifty day simple moving average of $21.64 and a 200-day simple moving average of $21.68.

RGC Resources (NASDAQ:RGCO) last released its quarterly earnings data on Thursday, December 4th. The energy company reported $1.29 earnings per share for the quarter. RGC Resources had a net margin of 13.93% and a return on equity of 11.56%. During the same period last year, the company posted $1.16 earnings per share. Sell-side analysts expect that RGC Resources Inc. will post 1.23 earnings per share for the current fiscal year.

RGC Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 16th will be paid a $0.2175 dividend. The ex-dividend date is Friday, January 16th. This represents a $0.87 annualized dividend and a dividend yield of 3.8%. This is a boost from RGC Resources’s previous quarterly dividend of $0.21. RGC Resources’s dividend payout ratio (DPR) is 64.84%.

Institutional Investors Weigh In On RGC Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in RGC Resources by 8.2% during the 1st quarter. Russell Investments Group Ltd. now owns 194,570 shares of the energy company’s stock valued at $4,061,000 after purchasing an additional 14,724 shares in the last quarter. Prospera Financial Services Inc bought a new stake in shares of RGC Resources during the second quarter worth about $3,544,000. Nuveen LLC acquired a new stake in shares of RGC Resources in the 1st quarter worth about $560,000. Los Angeles Capital Management LLC bought a new position in RGC Resources in the 2nd quarter valued at about $381,000. Finally, Creekmur Asset Management LLC bought a new position in RGC Resources in the 2nd quarter valued at about $59,000. 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.